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11/22/16
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Willowick Venture Ltd has secured $92 mil in refinancing on Willowick Park, a 552-unit luxury apartment community in Houston, TX. The properties included in the transaction are:
• Aria at Willowick Park – 325 units.
• Olympia at Willowick Park – 189 units.
• Townhomes at Willowick Park – 38 units.
Located at 3255 Las Palmas Dr, adjacent to River Oaks—Houston’s most prominent single-family neighborhood—Willowick Park is comprised of three adjacent, separately operating properties—Aria at Willowick Park, Olympia at Willowick Park, and Townhomes at Willowick Park. Each property features an array of community amenities such as resort-style swimming pools, expansive fitness centers, valet parking, and 24-hour concierge services. Located in close proximity to Highland Village, River Oaks District and the Galleria, Willowick Park offers residents a highly desirable Inner Loop experience within a secluded setting.
Hal Holliday and Rusty Chiles of CBRE Capital Markets’ Debt & Structured Finance team arranged the loan for Willowick, a partnership between a large institutional investor and Houston-based developer, Martin Fein Interests Ltd. Fannie Mae provided the 10-year, SARM loan, which was used to refinance the original construction loan.
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