KeyBank Provides $54M Refi for 298-Unit Houston-Area Multifamily

Rockstar Capital has secured $54 million to refinance Lakeview at Westpark, a 298-unit multifamily complex in Richmond, Texas, Commercial Observer can first report. 

Keybank provided the fixed-rate loan, which carries a 35-year term and an interest rate of 5.3 percent, while Marcus & Millichap Capital’s Brandon Brown arranged the financing. 

Brown noted in a statement that the deal involved turning a floating-rate bridge loan into  federal Housing and Urban Development (HUD) financing through capital supplied in tandem with a local Housing Finance Corporation (HFC). 

“Navigating HFC deals is never simple,” said Brown. “Despite the challenges, our team stayed the course working through evolving requirements to deliver a successful outcome.”

Located at 18313 Farm to Market Road in Richmond — a municipality 23 miles west of downtown Houston — Lakeview at Westpark opened in 2021 and was acquired by Rockstar Capital in 2022. 

Robert Martinez, CEO at Rockstar Capital, said in a statement that his firm is dedicated to investing into ongoing property improvements in the multifamily asset. 

“This refinance demonstrates strong lender confidence in high-growth Texas submarkets and provides capital to support long-term value creation,” said Martinez. 

Brian Pascus can be reached at bpascus@commercialobserver.com.