TX Property Secures $21M
MultiHousing News | April 11, 2018
A $20.8 million, two-year adjustable bridge loan has been obtained for the Breeze at Lake Barbara, a 520-unit multifamily property in Clute, Texas. The financing will allow the private borrower to acquire, gut-renovate and reposition the property, according to the lender, Arbor Realty Trust. The property, originally developed in 1980, includes one-, two- and three-bedroom units, with rents ranging from the mid-$600s to more than $1,100 a month. Common amenities include a swimming pool, clubhouse, pet care center and fitness center.