HOUSTON--Hunt Mortgage Group has provided a bridge loan in the amount of $12.7 million to refinance and reposition Winding Trails Apartments, a multifamily property located in Houston, GlobeSt.com has exclusively learned.
“The purpose of this loan is to provide bridge financing so the borrower can refinance the maturing existing loan, and then complete a property renovation to achieve operational upside before obtaining a new permanent loan,” says Vic Clark, managing director at Hunt.
The borrower is Vankara Dhari LP, backed by Charlie Yalamanchili, who has owned the property since 1995.
Loan terms include a 36-month term, plus two 12-month extension options, with interest only payments for the full term.
Winding Trails Apartments is comprised of 29 two-story residential buildings plus a two-story clubhouse/leasing office and a two-story maintenance and storage building. The property houses 438 units, was built in 1978 and offers 8 floor plans. Parking is furnished via 618 surface spaces.
“Charlie is an experienced commercial real estate and multifamily investor and a repeat Hunt Mortgage Group client,” says Clark. “Hunt Mortgage Group recently provided him a $9.6 million loan to refinance Hyperion Apartments, a multifamily property in San Antonio.”
Property amenities include the leasing office building with second-floor clubroom, two in-ground concrete swimming pools and five common laundry facilities.
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