Hatcher worked with Tom Fish of LJ Melody's Houston office to arrange the fixed-rate loan, which has an interest rate below 5%.The loan has a ten-year term and is amortized over 30 years with a loan-to-value ratio under 80%, says Hatcher.
Built in 2000, the class A complex sits on 11.2 acres in the upscale neighborhoods that surround Briar Forest Drive on Houston's west side. Occupancy at the complex is more than 90%. The borrower purchased the property about a year ago and plans on holding the asset for the long term, explains Hatcher.
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