Home Real Estate Eastern Union Delivers $17.5M Loan for Baytown Apartment Sale
Real Estate

Eastern Union Delivers $17.5M Loan for Baytown Apartment Sale

Eastern Union has delivered a $17.5 million loan toward acquiring The Lakes at Madera apartments, a 392-unit multifamily complex located at 305 West Baker Road in Baytown, TX, a community 26 miles east of Houston.

The financing, provided through Arbor Realty Trust, was a loan assumption with a $30.6-million acquisition of the complex. The transaction carried a three-year term with an interest rate of 4.26 percent. The name of the borrower was not disclosed.

Built in 1983, the property encompasses 22 two-story buildings on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units, and 30 three-bedroom units, with an average unit size of 734 square feet. The Lakes at Madera presently has a 92-percent occupancy rate.

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