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14551 Beechnut St. - Houston, TX 77083
PROPERTY OVERVIEW
Matthew Ridge is a 240-unit affordable housing community located in Houston, TX. The property is conveniently located close to major transportation arteries, West Houston Medical Center, an abundance of shopping, and 20 minutes to downtown.
Matthew Ridge was built in and placed in service in 2002 & 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the Texas Department of Housing & Community Affairs. The property is beyond its initial tax credit compliance period.
The property offers one, two, and three bedroom apartment homes featuring washer & dryer connections in all units, a full kitchen appliance package, air conditioning, ceilings fans, and extra storage. Community amenities include a playground, business center, swimming pool, car care area, community room, 24-hour fitness center, and an on-site laundry facility.
Incredibly Attractive In-Place Agency Financing with a 2.99% Interest Rate and Interest-Only Term through Maturity in November 2032
Terrific Upside Through a Conversion to Market Following the Expiration of the LIHTC Restrictions at the end of 2032
Houston is the Most Populous City in Texas and the 4th Most Populous in the U.S.; the Population is Forecast to Grow 5.5% Over the Next Five Years, Surpassing 4.9 Million
TCM3 Research Campus Project, which Construction Started on Phase I in 2021, will Bring Approximately 23,000 Jobs to Houston and $5.4 Billion in Economic Benefits Annually when Completed
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
601 Union St.
Suite 3909
Seattle, WA 98101
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Brandon Grisham
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
Washington License #26367
INVESTMENT ADVISORS
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
Montana License #89005
Senior Managing Director
Multifamily
713.469.4513
chris.curry@Berkadia.com
Texas License #566750
CHRIS CURRY
2229 San Felipe
Suite 1600
Houston, TX 77019
HOUSTON OFFICE
MORTGAGE BANKING
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
PROPERTY Stats
240
UNITS
2002 & 2003
Built
237,328
sF
14551 Beechnut St. - Houston, TX 77083