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6/26/26
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The Bascom Group has secured a $52 mil cash-out refinance on Cantera at Towne Lake, a 366-unit, Class A garden-style multifamily community located in Cypress, TX, a high-growth suburb northwest of Houston.
Constructed in 2008, Cantera at Towne Lake comprises a mix of one-, two- and three-bedroom luxury apartment homes. Community amenities include a 24-hour fitness center, two resort-style pools, outdoor grilling areas, a conference center and lush landscaping.
Located within the highly amenitized Towne Lake master-planned community, Cantera at Towne Lake offers convenient access to Highway 290, the Grand Parkway and key employment and retail corridors throughout Cypress and greater northwest Houston. Residents benefit from proximity to The Boardwalk at Towne Lake, nearby shopping and dining and a wide range of neighborhood amenities, as well as access to the highly regarded Cypress-Fairbanks ISD.
Newmark Multifamily Capital Markets Executive Managing Directors Vince Punzi and Lowell Takahashi arranged the financing through a debt fund. The loan was structured to include $4.42 mil in capital expenditure reserves earmarked for a new round of renovations, while incorporating prepayment flexibility aligned with the borrower’s strategic business plan.
“After carefully evaluating a potential disposition of the asset, The Bascom Group determined that a refinance offered the strongest path forward – one that allowed the firm to return capital to its investors while preserving long-term upside,” said Punzi. “This refinance was a prime example of just how competitive the capital markets have become – with debt capital outpacing available transactions, the bidding process was among the most competitive we have seen. It is particularly notable given the asset was acquired post-pandemic and was able to achieve a cash-out refinance.”
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