Reserves at 700, Big Springs, TX

July 12, 2019 Comments Off on $19M in Financing Obtained for Reserves at 700 Acquisition Views: 698 Texas - Other, Texas News

$19M in Financing Obtained for Reserves at 700 Acquisition

Order Reprints...

Florida real estate investors Robert Blau and Adam Jacobson obtained $18.5 million in financing to acquire the 180-unit Reserves at 700 in Big Springs, TX. Hunt Real Estate Capital provided the conventional Fannie Mae five-year term loan, amortizing over 30 years, with a 36-month yield maintenance period, followed by 21 months of 1% prepay and 90 days of open prepay.

Located at 901 FM 700, Reserves at 700 delivered in 2017, and offers one, two and three-bedroom units. On-site amenities include a fitness center, playground, pool, recreation room, clubhouse, business center, and barbecue-picnic area. The Cisco, TX seller was represented by NKF’s Bart Wickard, Matt Widerman and Brian Murphy, CCIM.

“The property is located in an area where property fundamentals and economic conditions continue to improve,” said Hunt Real Estate Capital’s Xavier Salinas. “The Odessa-Midland metro area is expected to have a positive impact on the property’s performance in the near-term.”

It’s time to register for this year’s Connect Texas Multifamily Conference on Aug. 15! For information and to register, click here.

Connect With Hunt Real Estate Capital

Connect With Dallas’ NKF Office

Get CRE News in 150 words

For comments, questions or concerns, please contact Amy Sorter

Tags: , , ,

Comments are closed.