Richmond, VA – July 21, 2014 − 37th Parallel Properties (“37th Parallel”), a total return focused commercial multifamily acquisition and asset management firm, announced today it has recently refinanced the loan on one of its largest multifamily apartment assets in Houston, Texas.
The loan, a 10-year Freddie Mac note, was secured through Berkadia and closed earlier this month. This refinance reduces the debt cost by nearly 20% with additional proceeds to distribute back to the investment group.
Originally purchased in November of 2011, this project has experienced above-market occupancy numbers for the past 24 months.
Dan Chamberlain, COO of 37th Parallel Properties commented on the transaction, “This refinance allows us to deliver a sizable return to our investment group less than 3 years into the life of the investment. Plus, we have secured attractive long-term financing to promote ongoing stable returns.”
Chad Doty, CEO of 37th Parallel Properties sees the refinancing as part of a larger strategy, “Refinancing this project reflects our belief in the long-term health of the Houston market and in the multifamily asset class. We look forward to holding this asset for several more years and leveraging the growth we see happening in Houston for the next decade and beyond.”
37th Parallel Properties provides commercial multifamily investment and asset management services for select private clients across the United States and Internationally. To learn more, call 888.837.3720.