HOUSTON-Current attractive interest rates in the capital markets prompted local apartment developer and management company Morgan Group to obtain total refinancing of $146 million for five multifamily properties. The proceeds came from various bank, agency and insurance company loans, and terms ranged from five to ten years. The capital markets activities covered more than 1,700 units in Morgan Group’s portfolio.
The refinanced multifamily properties were:
- 2222 Smith Apartments, 2222 Smith St., Houston; financed by BBVA Compass Bank and Northwestern Mutual Life.
- 33 Thirty Three Weslayan Apartments; 3333 Weslayan, Houston; financed by BBVA Compass Bank and Northwestern Mutual Life.
- The Village at Lake Lily, 921 S. Orlando Ave., Maitland, FL; financed by FNMA and Metropolitan Life.
- Arelia James Island Apartments, 5230 S. Gate Pkwy., Jacksonville, FL; financed by FNMA and Metropolitan Life,
- Spectrum South End Apartments, 2225 Hawkins St., Charlotte, NC; financed by New York Life.
"Current loan rates for multifamily projects were extremely attractive," said Morgan Group chairman and CEO Mike Morgan in a press release. "It appeared to be a good time to lock in terms for stable, core assets.”
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