Waco Apartment Owner Obtains Refi
Concord Summit Capital has arranged a $34 million bridge loan for Zoe Apartments, a newly constructed 214-unit multifamily community in Waco, Texas.
David Larson and Keegan Burger, of CSC’s Miami office, secured the financing on behalf of Surge Investment Group. The loan was structured at 80% loan-to-value (LTV) and closed in just 30 days, providing the sponsor with the lease-up runway necessary to achieve stabilization. The financing solution is designed to bridge to a long-term HUD takeout loan once the property reaches stabilized occupancy. The structure includes no exit fee, and all fees related to the future HUD takeout will be waived.
Situated on a 10.3-acre site along Interstate 35, Zoe Apartments delivers a community featuring six three-story residential buildings. The development offers a mix of one- and two-bedroom residences, complemented by resort-style amenities that include a swimming pool with a pool house, clubhouse, BBQ grilling areas, two pickleball courts, a fenced dog park, and landscaped outdoor spaces.
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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