Saturday, July 23, 2016

George Smith Partners Secures Financing for 248-Unit Multifamily Property in El Paso, TX

The Preserve at Mesa Hills Apartments, El Paso, TX

David Rifkind
EL PASO, TX – Commercial real estate investment banking firm George Smith Partners has successfully arranged financing for the acquisition of The Preserve at Mesa Hills, a fully occupied 248-unit garden style apartment community in El Paso, Texas.

The financing was arranged by George Smith Partners’ Principal David Rifkind and Vice President Ameet Chagan.

“On the surface, this financing was particularly challenging to achieve based on the property’s location in a secondary Texas market,” says Rifkind.  “Once we were able to demonstrate the compelling micro economic factors to the lending community, we were able to create strong competition for this loan.”

George Smith Partners’ Ameet Chagan, who took the lead on securing the loan, explains, “Several cities in Texas have very little exposure to energy sectors and are growing in other, diversified industries. 

“El Paso has established itself as the fourth largest manufacturing hub in North America, and the local healthcare industry is growing rapidly.  The city’s skilled labor force, favorable business climate, and low cost of living will continue to attract workers and drive demand for rental housing.”

Ameet Chagan
The El Paso market is also benefitting from a $5 billion expansion of Fort Bliss, which is underway to serve the population of nearly 90,000 soldiers, family members, civilian employees and military students.

“This asset is well positioned to leverage current and future renter demand and deliver long-term value,” explains Chagan.  “Based on its 100 percent occupancy and in-place market rents, the Class B community delivers stable cash flow, which further bolstered our ability to secure competitive financing.”

Chagan notes that the borrower, a private investor, was investing in Texas for the first time, and was seeking a CMBS loan for the acquisition.

For a complete copy of the company’s news release, please contact:

Miki Conant / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

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