LMI ARRANGES $43.4M REFINANCING FOR HOUSTON APARTMENT PORTFOLIO
HOUSTON — LMI Capital has arranged a $43.4 million cash-out refinance loan for a five-property Houston multifamily portfolio. The properties, located in the Westheimer, Gulfgate and Clear Lake submarkets, total 1,300 units. The borrower has renovated each of the assets since acquiring the portfolio. Brandon Brown of LMI, in conjunction with colleague Ken Lawrence, originated the non-recourse refinancing at an interest rate of 3.6 percent through a Fannie Mae lender. The loan includes a 30-year amortization schedule, flexible prepayment options and the opportunity to convert to a seven-year fixed rate.