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Passco Companies Secures Refinancing for Villa Toscana Apartments

By January 24, 2013No Comments

Passco Companies LLC has successfully arranged $33 million in refinancing for Villa Toscana, a unique, 504-unit, luxury multifamily property in Houston, TX. The fixed-interest, 3.77 percent loan is for 10 years. The Freddie Mac loan was arranged by Trevor Brotman of Well Fargo Bank.

In announcing this deal, Passco President William Winn said, “This is a unique property for the Houston market, and this low-interest refinance will enable management to upgrade units and improve rents, while lowering the project’s monthly debt service. The improvements also will increase the property’s value”.

Inspired by Italian Tuscan architecture and Tuscany’s picturesque countryside, Villa Toscana includes 26 striking, two- and three-story, multi-toned, stucco buildings situated on 23.8 acres. Ideally located in northwest Houston just off Highway 6, a major north-south route connecting Houston to Sugarland, the location also provides easy access to local thoroughfares, including Eldridge Parkway, Little York, and Barker Cypress, as well as the Sam Houston Tollway/ Beltway 8, Highway 290, and Interstate 10.

Completed in 2005, this beautifully landscaped, gated property, which is 96% occupied, features attractive waterscapes, luxury interiors and resort-style amenities. Apartment interiors include private terraces with storage rooms, wood-burning fireplaces, built-in computer desks, designer appliances, washer/dryer hookups, nine-foot ceilings with crown molding, custom blinds, walk-in closets, oversized garden tubs with walk-in shower, alarm systems and ceramic-tile entries.

The project’s extraordinary array of amenities includes two swimming pools, aquatic sun decks, a water park, elegant clubhouse, fully equipped business center, 24-hour, state-of-the-art fitness center, theater with surround sound, drive-through mail center, picnic grilling areas, storage units and boat garages, and covered parking and garages.

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