Victoria Apartments Get $5.1M Refinance

VICTORIA, TX-The Creekstone Ranch Apartments at 5609 John Stockbauer Dr. in Victoria, situated 130 miles south of Houston, has received $5.1 million and some change in a mortgage refinancing from New York-based PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co.

The loan was funded under Fannie Mae’s Program for Multifamily Affordable Housing Properties. A PW Funding contact tells GlobeSt.com the borrowing entity is Victoria-160 Affordable Housing LP. The borrowers received a 7.2% interest rate, debt service coverage of 1.17x and a 90% LTV.

Creekstone Ranch Apartments has 160 units in 42 garden-style, two-story buildings. Of the units, 75% are eligible for low-income housing credits. According to deed restrictions, 53 units are set aside for tenants earning no more than 50% of the area median income and 67 units target tenants earning no more than 60% of the area average. The remaining units are leased at the market rate. The apartment complex was constructed in 1998.