The single-asset owner of record, Huntsville University Place Apartments Ltd., leveraged the loan with the University Place Apartments at 2501 Lake Rd. PW Funding Inc., a subsidiary of New York City's Charter Municipal Mortgage Acceptance Co., arranged the financing through Fannie Mae's DUS program. The 10-year loan, with 30-year amortization, carries a 5.26% interest rate and has debt service coverage of 1.52x. The loan-to-value ratio is 75%.
The development contains 21 two-story, garden- and townhouse-style buildings on 13.1 acres, and features one-, two- and three-bedroom units. Built in 1973, the project was renovated in 2001.
Sam Houston State University, one of the city's major employers, has a staff of more than 2,700 and a student enrollment exceeding 12,000. That coupled with Huntsville's other leading employer, the Texas prison system, keeps demand strong for multifamily product in the city.
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