Eastern Union Secures $17.5M Loan for Acquisition of The Lakes at Madera Apartments in Baytown, TX
In a recent transaction, Eastern Union successfully facilitated a $17.5 million loan through Arbor Realty Trust for the purchase of The Lakes at Madera apartments in Baytown, Texas. This 392-unit multifamily complex is located just 26 miles east of Houston and offers an ideal investment opportunity.
The financing was secured through a loan assumption with an acquisition cost totaling $30.6 million and carries a three-year term with an attractive interest rate of 4.26 percent.The borrower’s identity has not been disclosed.
Constructed in 1983 on a sprawling 20-acre parcel, this property features twenty-two two-story buildings offering various unit sizes including one-bedroom (242 units), two-bedroom (120 units), and three-bedroom (30 units) options averaging approximately734 square feet each.Currently boasting high occupancy rates at over ninety-two percent,the potential for strong returns on this investment is evident.
This successful transaction highlights Eastern Union’s expertise in securing favorable financing solutions for clients looking to invest in prime real estate opportunities such as The Lakes at Madera apartmentsin Baytown,Texas.
