Tulsa Multifamily Portfolio Refinanced for $35M

TULSA, OK-Apartment owner Capital Assets Inc. obtained a total of $35 million in refinancing for a 1,250-unit local multifamily portfolio. The combined 10-year, fixed-rate loans carry a 4.6%  interest rate under the Fannie Mae DUS loan program and are being used to pay off higher-interest debt.

“The client owns several multifamily properties, all of which had existing loans. They looked around and noticed rates are as low as they’ll ever be, so they decided to refinance,” explains Todd McNeill with Metropolitan Capital Advisors in Dallas, which secured financing through lender Arbor Commercial Mortgage.

McNeill tells Globest.com that he and Capital Assets spent six months going through each asset in the portfolio to determine which could be refinanced with long-term, fixed-rate money. Some of the assets couldn’t be refinanced because of prepayment penalties. But when the dust settled, fixed rates were locked in on five of the multifamily properties:

• Arbors of Southern Hills, 6630 S. Zunis Ave.

• Hunters Creek Apartments, 1563 S. 79^th East Ave.

• Pheasant Run, 202 E. 73^rd St.

• Sand Dollar on the River, 910 E. 61^st St.

• Silver Springs, 6112 S. 87^th E. Ave.

Capital Assets acquired these properties between 2009 and 2011; all were fully renovated and averaged 90% in occupancy.  McNeill acknowledges it can still be difficult to get loans and mortgages in the current capital markets. Capital Assets, however, is a well-regarded multifamily operator that has been around for awhile. “They are pristine borrowers, which made it easier to go out and get these nice mortgages,” he adds.