Q10 KDH Vice President, Larry Peters arranged Fannie Mae DUS financing for a multifamily property located in Houston, Texas.
The financing provided our client two years of interest only and a floating rate with flexible prepayment. The asset received a seven-year term and a low interest rate in the mid 3% range.
“The asset was located outside the Houston MSA and many lenders were more conservative due to the location. Our job is to educate the lender and show them the value of looking at the opportunity from a perspective that others don’t. We were able to accomplish the borrower’s wishes by delivering a higher LTV than what the majority of the market was comfortable in quoting but maintain the aggressive pricing that is available for multifamily assets in the market today.” – Larry Peters
We are pleased to provide you with the Q10 KDH 2017 year end Texas Market Update. Our research covers the four major Texas metro areas including Houston, Austin, Dallas/Fort Worth, and San Antonio.
In this report, you will find an overview of the Texas market comparing year end 2016 & 2017 along with the analytical research to summarize the information.
Year End 2017 Texas Market Overview
Ray Driver, Matt Franke & Adam Unger of Q10 KDH arranged financing for Boardwalk at Towne Lake. Boardwalk is a class A mixed-use property located in the northwest region of Houston, TX.
Long-term, fixed-rate financing was provided by Q10 KDH correspondent lender, Thrivent Financial. The asset spans over 124,800 square feet for retail, restaurant, and office use.
“KDH has a long relationship with Caldwell Companies, and we’ve witnessed their Towne Lake master planned development blossom since the project’s initial inception. The financing assignment was very specific, and we surveyed a broad spectrum of prospective lenders including banks, private lenders, debt funds and life insurance companies. Working with the borrower, we filtered numerous competitive loan proposals and ultimately selected our correspondent lender, Thrivent Financial, based upon their combination of rate, loan term, and prepayment flexibility. Caldwell secured an early rate lock when the application was signed, and together we processed the loan as a team. Our borrower benefits from a long term fixed rate loan and Thrivent is comfortably secured by the regions’ premier mixed use development.” – Matt Franke