CONROE, TX-Venture West Funding Inc., operating on behalf of multifamily complex owner Steve Grott, has obtained refinancing to the tune of $16 million on three properties. The class B properties benefitting from the loans are locally based Central Park Condos, Seaside Village in Galveston and Fielder’s Glen Apartments in Arlington, TX.
A spokesperson tells GlobeSt.com that the Colorado-based Grott bought the complexes in 2003. Matt Douglas of the El Segundo, CA-based Venture West Funding led the team that obtained financing from Berkadia Commercial Mortgage as a Freddie Mac execution. The loans were secured at a very competitive non-recourse 10-year fixed rate with rates as low as 3.82%.
“We were able to maximize loan proceeds through aggressive, common-sense underwriting,” Douglas says in a press release. “The borrower timed his refinancing well in this low interest rate environment with two of the three loans coming due within 30 days.”
The location of the properties is as follows:
- Central Park Condominiums is at 2210 Westview Blvd. in Conroe.
- Seaside Village is at 4925 Fort Crockett Blvd. in Galveston.
- Fielder’s Glen Apartments is at 3601 Fielder’s Glen Dr. in Arlington.
The 405 units, divided between three projects, are 1980s construction with similar amenities. The units range from 480 square feet to 1,440 square feet. All three properties are managed by Centra Partners based in Houston.