HOUSTON—A borrower who is a veteran distressed property flipper, William T. Doogan, has received refinancing for four multifamily properties in Texas totaling $21.75 million. The loan terms include a 10-year term, 30-year amortization period, and a 9.5-year yield maintenance period, according to Hunt Mortgage Group, which provided the four Fannie Mae loans.

“All four loans were rate locked at 3.5% within 24 hours from application under the Fannie Mae streamlined choice loan refinance guidelines,” Bryan Cullen, managing director with Hunt Mortgage Group, tells GlobeSt.com.

The properties include Edgewood Apartments, Savannah Place Apartments, Harpers Mill Apartments and Hillcrest Village Apartments. Doogan is the borrower and key principal.

“Bill is a seasoned commercial real estate executive who began his career in the 1970s purchasing distressed properties, rehabilitating and reselling them,” says Cullen. “Bill runs a private equity real estate firm with a consistent track record of improving the physical assets and enhancing the operations on behalf of his investors.”

A $3.9 million loan facility was provided to refinance Edgewood Apartments in Sealy, TX, which is 50 miles west of the central business district. This garden-style multifamily property is comprised of nine residential buildings of two and three stories, with a total of 136 units. Property amenities include an outdoor saltwater pool, a spa, two playgrounds, onsite parking and a common laundry facility.

Savannah Place Apartments is located in the Eldridge neighborhood of West Houston, which is 23 miles east of the Houston central business district. The $7 million Fannie Mae facility will refinance this property, a garden-style complex that has 13 two- and three-story residential buildings plus a single story leasing office. There are 260 parking onsite spaces, including 152 carport spaces, enabling each unit to have an assigned/reserved covered space.

A $5 million loan was provided to refinance Harpers Mill Apartments, located in the northwest section of Houston. The 130-unit garden-style multifamily property has 13 two-story residential buildings, a two-story leasing office and 238 parking spaces. Property amenities include two common laundry facilities and an outdoor swimming pool.

A $5.85 million loan was provided to refinance Hillcrest Village Apartments, located in Alvin, TX, a far southern suburb of Houston. The garden-style apartment property has 220 units housed in 16 two-story residential buildings plus a single story leasing office. Property amenities include two swimming pools, two playgrounds and a newly built grocery store located on the property's north side.

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The properties include Edgewood Apartments, Savannah Place Apartments, Harpers Mill Apartments and Hillcrest Village Apartments. Doogan is the borrower and key principal.

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Veteran Flipper Has Track Record of Improving Assets

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