CoreVest Provides $65 Million Acquisition Loan to Purchase Houston Multi-Family Properties – Business Observer

The joint venture partnership of Abundance Equity Partners and Rubio Investors has sealed a $65 million acquisition financing to buy two multi-family properties in Houston, Commercial Observer can first report.

CoreVest provided the interest-only loan that features a 36-month term and extension options, sources told CO. The debt package finances the acquisition by the JV of The Morgan and The Wilcox properties, which feature a total of 624 units.

Meridian Capital Groupit is Barry Lefkowitz and Marc Steele arranged the transaction from the company’s office in New Jersey.

“Despite the rapid evolution and the unknown state of the current market, we are delighted to have been able to enter into this agreement while maintaining the same product as the app,” Steele said in a statement. “This was achieved through the incredible efforts of our team at Meridian, working together and leveraging Meridian’s relationships to produce a fantastic outcome for our borrowers.”

Located at 2401 Westridge Street and 2400 South West Loop, respectively, The Morgan and The Wilcox properties comprise nearly 431,000 leasable square feet. The assets are just under four miles from the Texas Medical Center and across Kirby Drive NRG Stadium, home of the National Football League Houston Texans.

Officials at CoreVest, Abundance and Rubio did not immediately return requests for comment.

Andrew Coen can be reached at [email protected].

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