Refinance Bridge Loan for Multifamily Portfolio in Houston, Texas

Ontario Wealth Management Corporation, a direct commercial real estate lender, funded a $33,500,000 1st lien position bridge loan secured by a multifamily property in Houston, TX. The property value was estimated at $66,000,000 so our loan-to-value was 51%. This loan refinanced a portfolio of 983 garden-style multifamily units in Pasadena, TX, a city 15 miles east of Houston. The properties are undergoing extensive CAPEX and, upon completion and stabilization, are positioned to realize a significant upside in rental income. The immediate area is concentrated with multinational oil refineries and blue-collar workforce housing. The Sponsor, a repeat client of our firm, is a seasoned Houston-based real estate investment and management firm whose strategy involves targeting value-add multifamily acquisitions within the Greater Houston metro area. The Borrower plans to refinance with a conventional loan as an exit strategy. The loan term was set at 6 months. This refinance bridge loan was funded in January 2022.