RICHMOND, TX-Internacional Realty Inc. has acquired the just-completed, 296-unit Reserve at River Park West, a class A property developed by Rob Wilson Interests of Houston.
To purchase the property at 22155 Wildwood Park Dr., Internacional obtained a bridge loan of $21.75 million from RAIT Investment Trust of Philadelphia, according to Frank Satterfield, president and CEO of Houston's Harbor Capital Group. He says the new owner is moving toward obtaining a permanent loan for the 90%-leased development."We have this submitted to various permanent lenders right now," says Satterfield, whose company helped to broker the bridge loan and is working on permanent financing for the San Antonio-based Internacional. "This will likely close around March of this year."
The non-recourse bridge loan has a floating rate of about 300 points over Libor, with a six-month term and an option to extend another six months. Satterfield tells GlobeSt.com that, for the permanent package, Internacional is looking for a fixed-rate, 10-year term, 30-year amortization and a 75% to 80% loan-to-value ratio. "We may or may not try to get an interest-only up front," he adds.
The Reserve at River Park West, being managed by the new owner, has 132 one-bedroom units ranging from 650 sf to 838 sf; 132 two-bedroom apartments ranging from 972 sf to 1,207 sf; and 24 three-bedroom units measuring 1,380 sf. The monthly rents go from $571 to $850 per month for one-bedroom units; $821 to $1,175 for two bedrooms; and $1,150 to $1,400 for three bedrooms.
The loan is Internacional's second that was recently brokered by Harbor Capital Group. The realty company secured $40 million of permanent financing for the 356-unit Calais at Courtlandt Square at 3210 Louisiana St. in Houston, which it purchased last year from Greystar Development & Construction of Houston. Minneapolis-based NorthMarq Capital Inc., acting on behalf of Allianz of America Inc., funded a 10-year loan, with a 30-year amortization at a 73% LTV. The financing's first three years were interest-only at a fixed rate of 5.5%. The complex was 94% occupied when the loan closed.
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