February 28, 2017
Allied Orion Group obtained a $27.5 million loan to refinance its 249-unit Retreat at Riverstone, at 18545 University Blvd. in Sugar Land, TX. Capital One provided the Fannie Mae adjustable-rate loan, with Clay Wright originating the transaction. The 10-year, adjustable-rate loan has one year of interest-only payments, and a 30-year amortization schedule.
Capital One also provided construction financing on the project for the sponsor. The new loan will pay off the construction debt, and will provide a partial return of equity. “Because we provided the construction financing, we were able to underwrite and size the Fannie Mae loan well in advance of the property’s rent roll stabilizing,” Wright said. He added that closing was scheduled within a month of stabilization.
For comments, questions or concerns, please contact Amy Sorter
For advertising information, please contact Joni Margotta