TCR Secures $50M for ReFi of Two Alexans

HOUSTON-Trammell Crow Residential has managed to secure close to $50 million in loans to refinance the 286-unit Alexan Main Street in Houston and the 280-unit Alexan Woods in Spring, TX. The loan was used to retire construction financing on both assets, which were completed in 2007.

Matt Kafka, associate director with Holliday Fenoglio Fowler LP’s Houston office worked on behalf of the borrower to secure two seven-year, adjustable-rate loans with Freddie Mac. Kafka worked with HFF executive managing director Jody Thornton and associate director John Ahmend to arrange the financing, which is also being used to recapitalize both assets with assumable, non-recourse financing and flexible prepayment.

Kafka acknowledges that finding the money in the tight market was extremely tough, though he declined to discuss specifics. He tells GlobeSt.com that the assets were just coming out of lease-up when the process was launched, and as they stabilized, financing was able to be procured. “Trammell Crow is obviously a national client, and I think that type of sponsorship was key to the transaction,” Kafka adds.

Alexan Main Street at 8333 Braesmain Dr. received $27.63 million in financing. The asset as one- and two-bedroom units, averaging 983 square feet. The property is adjacent to the Texas Medical Center.

Alexan Woods, which received $22.16 million in financing, is at 201 Pruitt Rd. in Spring, which is approximately 25 miles north of Houston’s CBD. The unit mix consists of ones, twos and threes, ranging in size from 752 square feet to 1,505 square feet.