June 04, 2024
T-Max Lending provided approximately $28.5 million in loans to refinance two (2) multifamily properties totaling 452 units in East Texas. These transactions were arranged for Crestline Properties LLC, a longstanding client of T-Max Lending.The $9,700,000 permanent loan for Glen Hollow Apartments in Kilgore, TX, features a fixed, interest rate.
This multifamily community comprises 124 market-rate rental units, available in one- and two-bedroom configurations, and includes amenities like a community room, gym equipment and a swimming pool.The second loan, totaling $18,800,000, is a Fannie Mae loan with a 10-year term and a low, fixed 10-year amortization. Located in Nacogdoches, TX, Sunridge Apartments is a 208-unit multifamily community offering studio, one-, two-, and three-bedroom market-rate apartments, along with amenities such as a pool, fitness center, and community center.T-Max Lending initially provided bridge loans to the borrower for purchasing each of the properties in 2021.
The new loans allow the borrower to refinance out of the bridge loans and continue making capital improvements to each property."We’re thrilled to offer our clients a diverse range of options for purchase and refinance through our bridge financing platforms," said Jackson Valerie (CEO) at T-Max Lending LLC." Multifamily portfolio transactions demand flexibility, and we are committed to going the extra mile to secure the best possible terms for our clients, regardless of the deal's complexity.
"T-Max Lending guided us flawlessly through the acquisition finance process. Their insight, transparency, and execution enabled us to find the right product for each asset," said Bruce D Robert, Vice President of Crestline Properties llc. "With my extensive experience in the commercial real estate industry, I can confidently say that their insights and persistence are simply unmatched."