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Passco Secures Refinancing for Houston-Area Apartment Complex

By January 18, 2013No Comments

Passco Companies, LLC has successfully arranged refinancing for Stoneleigh on Kenswick, a 318-unit, luxury multifamily complex in Humble, TX, The new loan is for $18.5 million and the property was 96.5 percent occupied at the time of closing. The Freddie Mac loan was arranged by Trevor Brotman of Well Fargo Bank.

“We are grateful to Seneca, our development partner, and those at Wells Fargo and others who helped bring this transaction to completion,” said Passco President William Winn. “This is a beautiful apartment community in a quiet, wooded location with easy access to retail amenities and commuter routes to downtown Houston and other employment centers.

Built in 2007, this controlled-access gated community features luxury appointments in units, including nine-foot ceilings, contemporary island kitchens with custom cabinets and all appliances, full-sized washer/dryers in units, built-in computer desks and bookshelves, track and pendant lighting, oversized oval soaking tubs and separate curved showers in bathrooms, and Texas-sized closets in bedrooms.

Located adjacent to a wooded preserve with nature trails, Stoneleigh apartment homes are clustered around a lake that connects to the community’s resort-style pool. The project’s clubhouse offers a state-of-the-art, 24-hour fitness facility and business center with WiFi service, as well as an outdoor entertainment area. The community has a “bark park” and offers both reserved, covered parking and detached garages with remote access.

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