HOUSTON AND BRAZORIA COUNTY, TEXAS — LMI Capital has placed financing for the acquisition and refinance of three separate garden-style apartment complexes in the Greater Houston area.
In the first loan, Brandon Brown of LMI Capital procured $1.4 million in financing for the acquisition of a 50-unit apartment complex located in Brazoria County. The 20-year loan features one year of interest-only payments and a flexible prepayment structure. With this acquisition, the undisclosed borrower now owns 10 properties.
In the second loan, Jamie Mullin of LMI Capital placed a $13 million, seven-year, floating-rate loan for a 260-unit multifamily property in southeast Houston. The refinancing provides cash out proceeds to the undisclosed borrower and features two years of interest-only payments. The borrower plans to use excess proceeds to return capital and fund future acquisitions.
In the final loan, Brown also arranged a $9.6 million, 10-year fixed-rate loan for a 210-unit property in Houston’s Spring Branch submarket. The loan features five years of interest-only payments and minimal closing costs. The name of the borrower was not released.