CAPMARK ARRANGES $3.8 MILLION APARTMENT ACQUISITION LOAN

GALVESTON, TEXAS — Capmark Finance has arranged $3.8 million in floating-rate financing for the acquisition of The Oceanfront Loft Apartments, a 102-unit multifamily community located in Galveston. Situated on approximately 3 acres of waterfront property at 7820 Seawall Blvd., the community consists of three four-story buildings, with three floors of residential units over a concrete podium parking deck. Amenities include a swimming pool, a spa, a fitness center, and volleyball and tennis courts. Brant Smith and Andy Hill of Capmark’s Houston office originated the non-recourse loan. Terms of the financing include an adjustable interest rate, a 7-year term with the first 2 years interest only, followed by a 30-year amortization schedule. The borrower was Seaside Point Partners LLC. Capmark arranged the loan with Freddie Mac through the lender’s Capped ARM program.