TYLER AND SAN ANTONIO, TEXAS — Red Capital Group has arranged $50 million in Fannie Mae DUS financing for three luxury multifamily communities in Texas. The borrower was Western Rim Investment Advisors, which also developed the properties.
The Mansions at The Cascades is located at 4055 Hogan Drive in Tyler within The Cascades, a master-planned community that features an 18-hole championship golf course. The other two properties are located in San Antonio at the entrance to the JW Marriott San Antonio Hill Country Resort, which also features the TPC Champions golf course. The two communities include The Estates at TPC, which is located at 5707 TPC Pkwy., and The Towers at TPC, which is located at 5505 TPC Pkwy. All three communities feature luxury amenities that include clubhouses and golf course views.
The financing for each property includes a 10-year term and a 30-year amortization schedule. The proceeds will be used by Western Rim to refinance construction debt. The interest rates were not disclosed.
Western Rim's multifamily portfolio presently consists of more than 4,900 apartment, affordable housing and senior housing units. It has properties located throughout Texas including the cities of Dallas, Forth Worth, Grapevine, Grand Prairie, Houston, Hutto, McKinney, North Richland Hills, Prosper, Rockwall, San Antonio and Tyler.
— Coleman Wood