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$13,250,000
First Mortgage
The Vinings
Stafford, Texas |
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The Vinings is a 240 unit multifamily project located 20 minutes south
of Houston. It is located on Dulles Avenue, which is a primary artery
in Stafford, giving the property excellent access. The project was
completed in June of 1997 and consists of 12 three-story buildings.
The project offers one-, two- and three-bedroom units and has many
amenities including a swimming pool and a luxurious club room. In
addition, the property offers select covered parking spaces, and entry
and exit gates with remote access.
Suburban provided a first mortgage loan for the borrower to refinance
the acquisition funding in place on the property. The loan was a fixed-rate
mortgage having a 10-year maturity with a 30-year amortization, and
was priced at a fixed interest rate spread over the 10-Year U.S. Treasury
Bond Index. Suburban provided the borrower with a loan amount which
was at 80% of cost.
The acquisition funding that was in place prior to this mortgage was
an interim loan which Suburban had placed on the property. The interim
loan allowed the borrower time to stabilize the occupancy of the project.
The interim loan had an interest rate which floated at a fixed spread
over 30-day LIBOR.
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