HOUSTON — Gill Dolan and Blake Willeford, CCIM of Grandbridge Real Estate Capital secured bridge financing for the acquisition and rehab of Monterra Park Apartments, a 392-unit apartment community in Houston, TX. The financing was made on behalf of Tradewind Properties. The asset is located next to the White Oak Bayou Trail in northwest Houston, and planned improvements include a beautification initiative to exploit its location along the park, as well as amenity enhancements, rebranding and interior upgrades.
The loan transaction was structured interest only for the first 2 years of the 3 year term. Though the price of oil experienced a free fall throughout loan closing, the lender held terms as a testament to the strength of the sponsor’s business plan and submarket.