CBRE Global Investors, through one of its sponsored funds, has closed on a $67 million mortgage loan for Madera Residential to acquire a 432-unit multifamily property in Houston.
The floating-rate loan has an initial term of three years, which can extend up to two additional years, and includes future funding to finance the sponsor’s business plan.
Known as La Maison River Oaks Apartments, the four-story building is located at 2727 Revere Street in Houston’s affluent River Oaks submarket. The property offers a mix of one- and two-bedroom apartments and features an amenity collection that includes two swimming pools, three outdoor courtyards, a rooftop terrace, a fitness center, a business center, a resident’s lounge, a dog park and a secured multilevel parking structure.
“This transaction was an attractive opportunity to lend to a well-respected multifamily operator in Madera Residential on a high-quality asset located in one of the top submarkets in Houston,” said Charles Kim, Managing Director for CBRE Global Investors.
“With its proximity to the Texas Medical Center, Downtown Houston and an abundance of nearby retail, we believe that La Maison River Oaks Apartments will continue to remain a destination for renters and generate strong renter demand. We were pleased to work with Newmark and Madera Residential and hope this will be the first of many deals together,” he added.
Purvesh Gosalia and Kevin Amend of Newmark arranged the loan on behalf of Madera.
La Maison River Oaks Apartments is situated close I-69 and provides convenient access to Downtown Houston and the Texas Medical Center, two major employment hubs in Houston. The property is within walking distance to Whole Foods Market and is also easily accessible to several major retail centers, including Highland Village and The Galleria.
