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STAFFORD, TX-A Santa Clarita, CA partnership has obtained $12 million in financing for the 244-unit Reserve at Fountain Lakes. The 10-year loan is a refinance move on the asset’s maturing debt.

The loan is also NorthMarq Capital Inc.’s third financing involvement on this particular asset, located at 10500 Fountain Lake Dr. “We arranged financing on this more than 10 years ago when the builder needed a construction loan, then we found financing for it in 1999, when the current borrower bought it,” says Kerry French, senior vice president and managing director with NorthMarq Capital’s Houston regional office.

French, who arranged financing on this particular deal, adds the loan is Freddie Mac’s second on the property. “This qualified easily and Freddie Mac was a pleasure to work with on this,” French tells GlobeSt.com. “There were no challenges on this one, it was a straightforward transaction.”

The complex, which sits on 10 acres, was constructed by Trammell Crow Co. in the late 1990s. Terrence J. Rose Inc., a California trust, acquired the asset in 1999 upon its completion. The trust owns other assets throughout Houston and Dallas, though has no plans to refinance any of them. French says the borrower will continue holding Reserve at Fountain Lakes for the foreseeable future.

The most recent Freddie Mac loan on Reserve at Fountain Lakes has a 30-year amortization and a sub-6.5% interest rate. The Fort Bend County Assessment District values the property at $19.7 million.

Reserve at Fountain Lakes has one-, two- and three-bedroom units. Unit sizes are between 706 square feet and 1,416 square feet. Rents are from $775 to $1,635 per month. Occupancy is in the low 90s.

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