May 10, 2019
PCCP LP provided a $36.5 million senior loan to refinance the 241-unit Bayou on the Bend in Houston’s River Oaks/Inner Loop submarket. Adam Allen and Ben Johnson with NKF arranged the financing on behalf of the sponsor, Arel Capital. The New York City borrower acquired the apartment complex at 5201 Memorial Dr. in mid-2017.
“When Arel Capital acquired the asset about two years ago, it assumed an existing CMBS loan which came due this month,” said PCCP’s Ron Bonneau. “PCCP provided a bridge loan to pay off the existing debt, while providing additional time for Arel to continue executing its business plan of renovating unit interiors and increasing revenue at the property.”
The property, situated on 3.6 acres, offers studios and one, two and three-bedroom units. Amenities include two pools, kayak and bike rentals, fitness and business centers and a game room. Occupancy is 87%.
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