Alliant Credit Union recently closed on two multifamily loans in Texas, one for the acquisition of an apartment community and the other for the refinance of a student housing property. The value of the loans totaled $39 million.
Alliant closed on a loan for the acquisition of a 385-unit multifamily property located in southwest Texas, close to the nation’s largest inland port with a strong economy anchored in logistics and transportation. The seven-year loan included a 30-year amortization schedule and longer-term flexibility with additional benefits to be realized in the future based on certain financial metrics. This transaction was referred to Alliant by Michael Thompson at CBRE.
“Our team’s collective knowledge and experience in the multifamily sector, along with the mortgage brokers’ knowledgeable input, enabled us to finance the acquisition of this strong asset with highly experienced ownership and management,” said Tim Madigan, commercial loan originator at Alliant.
In the Dallas-Fort Worth metropolitan area, Alliant closed on a loan for the refinance of a 90-unit, 132-bed student housing property adjacent to a local university. The five-year loan has an interest-only period followed by a 30-year amortization schedule. This transaction was referred to Alliant by Dean Giannakopoulos at Marcus & Millichap Capital Corporation.
The resort-style property is completely differentiated within its immediate area, offering high-quality construction, innovative design and best-in-market product features. The community features shared amenities including a pool and game room and is conveniently located near the campus and abundant recreational, shopping, dining and nightlife venues.
“The property’s unique features and strong location helped it bounce back quickly when occupancy uncharacteristically dropped, stabilizing to over 90 percent occupancy within a few short months,” said Yonah Sturmwind, loan originator at Alliant.
