New York, NY — June 23, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided a $19.2 million Fannie Mae conventional loan to facilitate the acquisition of Wynhaven at West Oaks, an apartment complex located in Houston, Texas.
The property is being acquired by Southstar Capital Group for $25.2 million. The loan was structured with a 5-year term, principal amortizing over 30 years, and two-years of interest only. Southstar Capital Group changed the name of the property to Parkland at West Oaks upon acquisition.
The property is a garden-style multifamily complex that is comprised of 27 three-story residential buildings with a total of 323 units. The unit mix is 113 one-bedroom units, 162 two-bedroom units, and 48 three-bedroom units.
“Parkland at West Oaks is currently 96.9% occupied and has been above 96% occupied for the past 14 consecutive months,” noted James Kelly, Vice President, Mortgage Banking at Centerline. “The property benefits from the large size of its units, each totaling over 1,000 square-feet, significantly larger than nearby properties.”
The property is located in the western sector of Houston, 22 miles west of downtown Houston and eight miles west of the Sam Houston Tollway which encircles the City and provides access to Houston’s two commercial airports - Houston Intercontinental Airport, 36 miles northeast and Houston Hobby Airport, 29 miles east.
“Parkland at West Oaks is well located in a submarket with strong market dynamics and low average vacancy rates. We were pleased this loan came together so well – it was a solid deal for Centerline,” added Kelly.
Property amenities include a playground, leasing office with business center, storage units, picnic area, perimeter fence and security gated entry. Parking is provided on-site for 512 vehicles.
The property is managed by Southstar Management, LLC, which has operations in Pennsylvania, Maryland, Virginia, North Carolina, South Carolina, Texas and Florida.
The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.