Texas Capital Partners has secured $45.5 million in refinancing funds for Union 505 Apartments, a 572-unit multifamily community in Albuquerque, N.M. The 7-year Freddie Mac loan with a 35-year amortization was arranged by Gantry. The asset was previously subject to a $25.5 million Fannie Mae loan originated by Barings in 2016, Yardi Matrix data shows. The current owner acquired the asset almost two decades ago, the same source shows.
Completed in 1988, the property comprises 32 buildings which incorporate studio, one- and two-bedroom floorplans ranging from 324 to 750 square feet. Common-area amenities include a swimming pool, fitness center, spa, playground and laundry facilities, along with 650 parking spaces.
Located at 801 Locust Place NE, the property is next to the intersection of interstates 25 and 40, roughly 2 miles from downtown Albuquerque and 3 miles from Old Town. It is also close to large health-care providers such as the Lovelace Medical Center, Sandia Medical Park and UNM Hospital, all within a 3-mile radius.
Gantry Principal Adam Parker and Senior Associate Chad Metzger worked on behalf of the borrower. In order to maximize loan proceeds, Fannie Mae agreed to a 35-year amortization instead of the usual 30-year one. Parker emphasized in prepared remarks the importance of government-sponsored enterprises, especially in the current economic environment.
