Secure Refinancing Loan for Houston Rental Community with Aspen Oak

Aspen Oak Capital Partners has secured a Freddie Mac Targeted Affordable Housing loan for the refinancing of Stadia Med Main Apartments, a 338-unit partially affordable community in Houston. Commercial Edge reports that NewPoint Real Estate Capital provided the fixed-rate, flexible prepayment loan with a seven-year term and 35-year amortization period. The mortgage refinances an earlier $60 million NewPoint Bridge Loan from 2022 used to fund the property’s acquisition by Wood Partners who sold it for $80 million according to Yardi Matrix data. Stadia Med Main is subject to an unsubordinated net ground lease held by Houston Housing Authority which designates half of its units as affordable. Formerly known as Alta Med Main, this four story building offers one and two bedroom floorplans ranging between 495 and 1,264 square feet in size.
Recently Aspen Oak purchased Granary Flats – another 324 unit community situated within Richmond Texas’ 1,300 acre master planned development area..