LMI Capital Secures Two Transactions Totaling $34M in Houston

HOUSTON — Jamie Safier of LMI Capital has placed permanent financing for the acquisition and refinance of two separate garden-style apartment complexes totaling $34 million. In the first transaction, Safier obtained a $2 million Freddie Mac loan for the refinance of a 50-unit asset in Houston’s Spring Branch submarket. The loan was a cash-out refinance featuring a 4.5 percent interest rate fixed for the first five years of the 20-year loan term, step down prepayment structure and a one-year interest-only period. The borrower will use a portion of the excess proceeds toward interior and exterior upgrades to the property. The second transaction was an acquisition loan for a 550-unit asset also located in the Spring Branch submarket. The $32 million non-recourse loan featured a fixed interest rate of 4 percent for 10 years and two years of interest-only payments. The proceeds included a rehab component for the borrower to draw upon their planned renovations.