BAYTOWN, TEXAS — Eastern Union has negotiated a $17.5 million loan to facilitate the acquisition of The Lakes at Madera, a 392-unit complex in Baytown, 26 miles east of Houston. Arbor Realty Trust provided the financing, which was a loan assumption that carried a three-year term, with an interest rate of 4.3 percent.
Built in 1983, The Lakes at Madera comprises 22 two-story buildings situated on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units and 30 three-bedroom units. The property was 92 percent occupied at the time of sale. The asset traded hands for $30.6 million.
Yoel Goldberg, Michael Muller, Alex Jaffa and Mikael Rechdiener secured the mortgage. Eastern Union also helped the borrower find property insurance and negotiate terms between buyer and seller. The borrower was not disclosed.