Newmark Arranges $52M Refi for Cypress Apartment Owner
Newmark arranged a $52 million cash-out refinance for Cantera at Towne Lake, a 366-unit, Class A garden-style multifamily community located in Cypress, Texas, a high-growth suburb northwest of Houston.
Newmark Multifamily Capital Markets Vince Punzi and Lowell Takahashi arranged the financing through a debt fund on behalf of the borrower, The Bascom Group. The loan was structured to include $4.42 million in capital expenditure reserves earmarked for a new round of renovations, while incorporating prepayment flexibility aligned with the borrower’s strategic business plan.
Constructed in 2008, Cantera at Towne Lake comprises a mix of one-, two- and three-bedroom luxury apartment homes. Community amenities include a 24-hour fitness center, two resort-style pools, outdoor grilling areas, a conference center and lush landscaping.
Located within the highly amenitized Towne Lake master-planned community, Cantera at Towne Lake offers convenient access to Highway 290, the Grand Parkway and key employment and retail corridors throughout Cypress and greater northwest Houston.
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PCCP provided a $71 million senior construction loan to a joint venture between EMBREY Partners and Southstar Development for the development of Crossings Boulevard, a 360-unit apartment community located at 4101 Legacy Point Trail in Spring Hill, TN. Completion of the project is anticipated for Q1 2028. Spring Hill is about a half hour from...
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Investor Duo Acquires Two Tennessee LIHTC Apartment Assets
Western Wealth Capital (WWC) acquired two Tennessee apartment communities; the River City North Apartment Homes in Chattanooga, Tennessee, and Meadow Creek Apartment Homes in Goodlettsville, Tennessee, just north of Nashville. WWC and its investment partner, FSO Capital Partners (FSO), closed on the 192-unit portfolio for a purchase price of $20.7 million. The transaction was brokered...
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Construction Underway on 325-Unit Apopka Rental Community
An affiliate of Hathaway Development has started work on The Exchange at Wyle Oaks, a 325-unit apartment community is Apopka, near Orlando. The project is one of the first at the 215-acre Wyld Oak mixed-use project. Financing for the approximately $71 million development includes a $47 million construction loan from Ameris Bank and $22 million...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout