HOUSTON—Despite the challenges brought on by COVID, multifamily continues to shine in major metros such as Houston. Three Pillars Capital Group recently acquired the 256-unit Westridge Gardens and 364-unit Mainridge, two late-1970s vintage properties located a half mile apart in the fast-growing Medical Center South submarket.
Electra Capital originated a $43 million acquisition/bridge loan on behalf of Three Pillars. Gryphon Real Estate Capital Partners LLC provided the senior mortgage of $35 million, while Electra Capital retained an $8 million mezzanine loan.
This $43 million transaction marks the third loan that Gryphon and Electra have recently closed together. Gryphon will be the asset manager for the senior loan portion of the bridge loan.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
