EBSC Lending Closes $26.56 Million Bridge Loan for Multifamily Property

Elite Business Service, LLC. Nationwide Private Lender
Oct 22
2 min read

Updated: Nov 4

Overview of the Financing Deal

EBSC Lending has successfully closed a $26.56 million bridge loan. This financing was aimed at refinancing a mid-rise, loft-style multifamily property located in Houston, Texas. The loan was originated by David Palmer, who serves as the VP of Special Assets at EBSC Lending.

Property Transformation

Originally constructed in the 1980s, the property was repurposed as a warehouse and distribution center during the 1990s. In 2019, it was acquired and transformed into a modern loft-style residential community. The 60-unit building now boasts a range of amenities. These include a fitness center, storage facilities, dedicated parking, and beautifully landscaped outdoor areas. Importantly, 20 units—representing 18% of the total—are reserved for affordable housing.

Financing Features

David Palmer stated, “We are proud to provide flexible, non-recourse bridge-to-agency lease-up financing. This allows our client to manage the loan seamlessly throughout the lease-up period. It also facilitates a smooth transition into stabilized Agency execution with minimal friction costs.” This type of financing is crucial for developers looking to navigate the complexities of property management during transitional phases.

Addressing Housing Demand

Brandon Cooke, the project sponsor, emphasized the significance of this transaction. He noted, “This transaction not only supports our investment goals but also helps address the critical demand for affordable housing in Houston. Partnering with EBSC Lending made the process efficient and collaborative.” This highlights the dual benefit of the financing: aiding investors while also contributing to the community's housing needs.

The Importance of Affordable Housing

Affordable housing is a pressing issue in many urban areas, including Houston. The transformation of this property into a loft-style community with dedicated affordable units is a step toward alleviating some of this demand. By providing modern living spaces at accessible prices, developers can play a vital role in improving the quality of life for many residents.

Conclusion

In conclusion, the $26.56 million bridge loan closed by EBSC Lending is a significant move in the Houston real estate market. It not only supports the financial goals of the investors but also addresses the urgent need for affordable housing in the area. As cities continue to grow, partnerships like this will be essential in creating sustainable and livable communities.