LMI Capital Closes Four Transactions Exceeding $35M in Metro Houston
HOUSTON, ANGLETON and SEABROOK, TEXAS — Brandon Brown, Jamie Mullin and Jamie Safier of LMI Capital have placed bridge debt for the acquisition of four separate garden-style apartment complexes in metro Houston. For the first transaction, Mullin procured a $10.5 million, floating-rate loan through a regional bank for a 310-unit asset in west Houston. The terms included an initial 15-month interest-only period, open prepayment structure and a significant rehab component. Working on behalf of the borrower for the second transaction, Safier originated a five-year, fixed-rate loan for a 40-unit asset in Seabrook. The loan equated to 83 percent of the purchase price and included 12 months of interest-only payments and no prepayment restrictions. A portion of the proceeds will be used for minor capital improvements planned at the property. Brown secured the last two bridge financings, the first of which was an $18 million, floating-rate loan for a 900-unit asset in north Houston. The bridge debt featured two years of interest-only payments and a significant rehab component, which will be used to improve the buildings’ exteriors and complete upgrades to the units’ interiors. The final transaction was the financing for a 140-unit complex in Brazoria County that represented 85 percent of the purchase price. The terms of the floating-rate debt include a two-year interest-only period and the financing of planned renovations. The borrower plans to improve operations at the property and push rents to increase its overall value.