Loan officer Michael Thompson in BMC Capital LP's Houston office tells GlobeSt.com that the five-year loan for S&B Ltd. closed without any hitches in the financing of the Villages on Post Oak at 3608 Post Oak Blvd. The New York City-based Citibank provided the capital at a sub-6% fixed rate and 30-year amortization. He says the package was put before several lenders, but the buyer went with the one that had the most flexible pre-payment terms.
The market inroad was more than 90% leased at sale time. The Villages on Post Oak contains 328 one-bedroom units, ranging from 456 sf to 841 sf, and 56 two-bedroom apartments with 920 sf to 983 sf. Rents go from $455 to $665 per month.
"It's a substantial property. It gives him some good profile in the area," Thompson says. "I believe this is a good opportunity to break into the Texas market."
Pauline Thude with Meridian Investment Realty in Houston represented S&B. The 23-year-old asset was marketed at $12.1 million for a local seller.
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