KeyBank Real Estate Capital (KBREC) secured a $28 million Freddie Mac floating rate loan for Presidium, a Texas-based real estate developer, to refinance existing debt on a multifamily property in Harlingen, Texas.
Valor at Harlingen is a 288-unit, garden style apartment complex that consists of 13, three-story residential buildings. Built in 2013 and situated on 16.40-acres, the property includes a clubhouse, maintenance and storage buildings, and seven garage buildings.
The $28,020,000 ($97,292/unit) non-recourse, first mortgage loan is structured with a five-year term, and subsequent to a three-year interest only period, amortizes on a 35-year schedule.
Patrick McFarland and Benjamin Baxter of KeyBank Real Estate Capital arranged the financing.
