The joint venture partnership of Abundance Equity Partners and Rubio Investors has sealed $65 million of acquisition financing to purchase two multifamily properties in Houston, Commercial Observer can first report.
CoreVest supplied the interest-only loan that features a 36-month term and extension options, sources told CO. The debt package is financing the JV’s acquisition of The Morgan and The Wilcox properties, which feature a combined 624 units.
Meridian Capital Group’s Barry Lefkowitz and Mark Steele arranged the transaction out of the firm’s New Jersey office.
“Despite the rapidly changing and unknown state of the current market, we are thrilled to have been able to close this deal while maintaining the same proceeds as the application,” Steele said in a statement. “This was achieved by the incredible efforts of our team at Meridian, working together and leveraging Meridian’s relationships to produce a fantastic result for our borrowers.”
Located at 2401 Westridge Street and 2400 South Loop West, respectively, The Morgan and The Wilcox properties comprise nearly 431,000 rentable square feet. The assets are just under four miles from the Texas Medical Center and across Kirby Drive from NRG Stadium, home to the National Football League’s Houston Texans.