Transcontinental Realty Investors Inc. Secures $27.3 Million HUD Refinance of Tradewinds Apartments in Midland, Texas
January 15 2020 - 3:53PM
Business Wire
Transcontinental Realty Investors Inc., (NYSE: TCI) is pleased
to announce the refinance of Tradewinds Apartments in Midland,
Texas. Tradewinds is a Class A luxury apartment community featuring
214 one, two, and three bedroom units. The community has a state of
the art fitness center, business center, resort style pool, and
designer interiors. Unit amenities include 9 foot ceilings,
designer finishes, private balconies, French doors, and granite
countertops.
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Tradewinds Apartments in Midland, Texas
(Photo: Business Wire)
“The new HUD loan retires a $15 million loan with a fully
amortized long term loan and phenomenal interest rate of 3.00%,”
stated Daniel J. Moos, President & CEO of Transcontinental
Realty Investors Inc. “The $13 million cash-out, allows us to
recapitalize the asset. This transaction demonstrates our continued
commitment to expand our relationship with HUD and aligns with our
organization's business strategy.”
Abode Properties (aka: Victory Abode) is a joint venture
portfolio associated with Southern Properties Capital (SPC), which
is a subsidiary of Transcontinental Realty Investors Inc., (NYSE:
TCI), a Dallas-based real estate investment company. Abode’s
investment and strategic focus is to acquire, develop, and operate
a portfolio of desirable multifamily residential properties, while
capitalizing on our ability to obtain long term and static debt
structures. The portfolio stands to benefit from historically
established, proven, and successful operational practices, seasoned
on-site management, and an experienced leadership team with forward
thinking capabilities in order to realize maximum cash flows and
consistent returns, while maintaining unequaled resident and
customer service. We are disciplined and prudent allocators of
capital and we will continue growing our geographically diverse
portfolio from the Southwest to the Southeast. These markets are
geographically located in areas of the country that correspond with
both sustainable and viable economic growth activity. Affiliated
companies include American Realty Investors, Inc. (NYSE: ARL),
Income Opportunity Realty Investors, Inc. (MKT: IOT), Regis
Property Management, LLC, and Pillar Income Asset Management,
Inc.
Transcontinental Realty Investors, Inc. maintains a
strong emphasis on creating enhanced shareholder value through
acquisition, financing, operations, developing, and disposition of
real estate across many geographic regions in the United States. A
New York Stock Exchange company, Transcontinental is traded under
the symbol "TCI". Transcontinental produces revenue through the
ownership and professional management of apartments, office
buildings, warehouses, and retail centers that are "undervalued" or
"underperforming" at the time of acquisition. Value is added under
Transcontinental ownership, and the properties are repositioned
into higher classifications through physical improvements and
improved management. Transcontinental also develops new properties,
such as luxury apartment homes principally, on land it owns or
acquires.
About Southern Properties Capital
Southern Properties Capital (SPC) operates in Southeast and
Southwest USA. The Company’s core assets are tied to owning and
operating Class A multi-family apartments and two very prominent
and viable Multi Use development properties in Greater Dallas. The
Company’s business strategy is to continue to expand its Class A
multifamily portfolio through new development and financially
attractive acquisitions. To this end, SPC is joint owner of Abode
Properties with its parent Company TCI and Macquarie.
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Chris Childress 469.522.4275 / press@pillarincome.com
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