Newmark Knight Frank (NKF) has announced the $54.8 million Freddie Mac refinancing of Nob Hill Apartments in Houston. The financing effort was led by Multifamily Capital Markets Executive Managing Director Matt Greer of the firm's Austin office on behalf of repeat NKF and Freddie Mac client, Steadfast Companies.
'Completing this loan during the current pandemic is a testament to the teams at Steadfast and Freddie Mac,' said Greer. 'Nob Hill provides over 1,300 units of workforce housing, which is more critical now than ever. Recognizing this, Freddie Mac stepped up to the plate as a trusted lending partner.'
Constructed in 1967, Nob Hill consists of four phases, operated as one complex comprising 1,326 units. The garden-style property offers newly renovated one- and two-bedroom floorplans. Apartments feature open living areas with shaker-style cabinets, granite-style counter tops, modern appliances, over-sized closets, a private patio or balcony and reserved covered parking. The pet-friendly, gated community offers a New Orleans architectural style surrounded by lush courtyards, nine resort-style pools and a resident business center and clubhouse. Located at 5410 N Braeswood Boulevard, the property is situated within a prestigious area of Houston and is located next to the Brays Bayou Greenway Trail and near the Meyerland Plaza, among other entertainment, sporting and dining facilities. Residents enjoy easy access to the Metro bus line and 610 Loop for convenient commuting.
According to NKF's Houston Multifamily Capital Markets group, the Houston multifamily market has experienced rental rate growth of 43% since 2008. Current occupancies for all classes of multifamily product in Houston are in-line with their respective 10-year averages.
About Newmark Knight Frank
Newmark Knight Frank ('NKF'), operated by Newmark Group, Inc. ('Newmark Group') (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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