September 15, 2018
A private owner of Terrace Vines Apartments in Orange, TX obtained a Freddie Mac Small Balance loan for the property at 3819 Meeks Dr. Hunt Real Estate Capital arranged for the $5.2 million refinance, which is a seven-year, fixed-rate loan with interest-only payments for the first year, and a 30-year amortization.
The Spring, TX owner, operating under the name QRH Prop One LLC of Spring, TX, acquired the 104-unit Terrace Vines in 2016. “The borrower is an experienced multifamily investor that used his own and partners’ capital to renovate the property after Hurricane Harvey, and successfully brought Terrace Vines online faster than its competitors,” said Tony Talamas with Hunt Real Estate Capital.
The property is 99% occupied, and offers one, two and three-bedroom units. Onsite amenities include a leasing office, swimming pool, playground, laundry facility, business center, dog park, picnic area and surface parking.
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