LMI CAPITAL ARRANGES NEARLY $4.2 MILLION FOR MULTIFAMILY PROJECT
HOUSTON — Jamie Mullin of LMI Capital has arranged approximately $4.2 million for the refinance of a 187-unit multifamily property in southwest Houston. The borrower, a family-owned partnership, purchased the property in 2006 and had funded more than $2 million in renovations out of pocket. The refinancing allowed the owners to recapture much of the equity they had put into the 37-year-old property. LMI Capital secured a 10-year, non-recourse, fixed-rate loan through one of its Fannie Mae lending sources.