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| The Preserve at Mesa Hills Apartments, El Paso, TX |
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| 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.”
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| 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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