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Berkadia has arranged financing for Eagle Property Capital’s acquisition of three multifamily communities in Houston’s outer loop. The properties are Landmark at Barker Cypress (312 units), Champions Centre Apartments (192 units) and Champions Park Apartments (246 units). Miami-based Eagle Property Capital (EPC) is a real estate investment manager engaged in the ownership, acquisition, management and disposition of value-add multifamily apartment properties targeting predominantly, but not exclusively, Hispanic communities in the Southern United States, on behalf of institutional and private investors.
EPC is a repeat client of Berkadia, which has provided over $238 million of financing for EPC through 14 different transactions totaling nearly 4,000 units throughout Texas and Florida since 2015. Senior Managing Director Mitch Sinberg, Senior Director Brad Williamson and Associate Director Matthew Robbins of Berkadia’s South Florida office arranged the financing for these three properties through Freddie Mac’s “Green Advantage” program, which provides better pricing for reduction in water/energy consumption. EPC will invest half a million dollars in water conservation and energy-efficient upgrades to interiors and common areas of all three properties.
All three loans were lower leverage fixed-rate, with 10-year terms and five years interest only.
“EPC is one of the top multifamily firms that targets Hispanic based communities, whose mission is not only to enhance the overall quality of life for its tenants, but also to improve the properties by recapitalizing them,” said Williamson. “EPC has been extremely active acquiring over $463 million of real estate and is currently on their fourth fund. We look forward to continue advising their firm and building our excellent relationship with them.”
“With a continuously growing economy supported by updated infrastructure and a well-educated workforce, Houston’s multifamily market has seen tremendous growth with rising rents for the last year and a half,” said Sinberg. “The sponsor recognized this positive trend and capitalized on a strategic portfolio near major employment hubs including the Medical Cluster, the Energy Corridor and Memorial City.”
“EPC believes in the strong fundamentals of the Houston market and is a city that has a perfect fit with our investment strategy and target demographic,” said Mr. Conesa, Co-Founder and Managing Principal of EPC.
“Landmark at Barker Cypress, Champions Park and Champions Centre are quality assets with significant value enhancement opportunities in highly desirable locations in Houston that represent a great addition to our portfolio,” added Mr. Mahuad, Co-Founder and Managing Principal of EPC.
“The trusted advice from Berkadia has been crucial to the growth of our firm,” said Mr. Conesa.
Berkadia also secured financing for the following properties in Eagle Property Capital’s portfolio: Huntington Apartments in Houston; Valley Oaks in Hurst, Texas; Arlington Hills and Montecito Club in Arlington, Texas; Captiva Club in Tampa, Fla.; Gateway on 4th in St. Petersburg, Fla.; and Glen Arbor & Westgate, Sedona Park, Villas de Estancia, Colinas Ranch, and Woodchase & Clarendon in Irving, Texas.