HOUSTON — Capmark Finance has arranged $8.5 million in acquisition financing for Ashford Court Apartments, a 442-unit multifamily property located in Houston. The property was originally built in 1983 and renovated in 2006 by the previous owner. Ashford Court contains apartment and townhome units, with the average unit size totaling 641 square feet. The property was 93 percent occupied at the time of closing, and the average monthly rent was $585. The borrower, Ashford Court LLC, plans to complete more than $1 million in renovations in an effort to increase energy efficiency and lower operating costs. Andy Hill with Capmark’s Houston office originated the transaction. The non-recourse loan carries a 5.44 percent fixed rate, a 10-year term and a 30-year amortization schedule.
CAPMARK ORIGINATES $8.5 MILLION FOR APARTMENT PURCHASE