Prime Finance Provides $170M in Financing for Houston Multifamily Portfolio
Prime Finance has provided a $170.7 million loan for the acquisition of a seven-property Texas multifamily portfolio, Commercial Observer has learned.
Meridian Capital Group’s Seth Grossman and Sarah Kuebler—based out of the brokerage’s Southern California offices—arranged the two-year floating-rate loan, which features three one-year extension options and full-term interest-only payments.
An affiliate of Blue Stone Premier acquired the assets, sources said, and BlueStone will also manage the properties. The seller was a privately-owned firm who could not be identified by press time.
The portfolio comprises six multifamily properties in Houston and one multifamily property in Stafford, Texas, totaling 2,239 residential units. The new owners have plans to renovate the 1970s and 1980s properties, upgrading exteriors and common areas in addition to interiors. Units range in size from one-bedrooms to four-bedrooms.
Blue Premier’s website shows its Houston properties include The Park At Saronno, Siena On Westheimer, The Park At Amalfi, The Park At Pisa, The Park At Salerno and The Park at San Marino. Its Stafford asset is The Park At Tivoli.
All seven properties are located within submarkets of the Greater Houston area. Fannie Mae named Houston as the number three city for job growth last year, and it’s home to the fourth greatest number of Fortune 500 headquarters in the U.S. (after New York, Chicago and Dallas).
Officials at Prime Finance did not respond to a request for comment. Official at Blue Premier could not immediately be reached.