Elowen Capital has structured and sourced $101 million in capitalization for ECA’s acquisition of a 20-property, 1,576-unit multifamily portfolio across 13 Texas cities.
The financing includes $94.2 million of senior and stretch senior bridge debt provided by RRA Capital and The Bancorp, along with $6.7 million in limited partner equity.
The interest-only bridge loans support both the acquisitions and planned capital improvements across the portfolio.
ECA plans to reposition the properties through extensive interior and exterior improvements. The communities were built between 1999 and 2007, with planned upgrades including granite countertops, new appliances, luxury vinyl plank flooring, cabinets, roofs, parking lots, landscaping and HVAC systems.
The portfolio spans 13 Texas markets.
Its largest concentrations are in Longview with 324 units, Dallas with 176 units and Houston with 168 units. Other properties are located in markets including Paris, Vernon, Brownwood, Fort Stockton, Freeport, Mineral Wells, Bay City, Baytown, Crystal City and Pecos.
Elowen began working on the portfolio in February and spent roughly six months running debt and equity processes in parallel, coordinating multiple lenders and closing tracks across the 20 properties.
The capitalization is the largest single transaction completed by Elowen and longtime client ECA and adds meaningful scale to ECA’s expanding Texas multifamily portfolio.
ECA focuses on acquiring, improving and operating multifamily communities in supply-constrained and underserved markets.
KEY QUOTES:
“It’s important that Elowen Capital remain high-touch to the clients we represent, ensuring we bring the right capital partner to every project.”
“We are thankful to ECA and our capital partners for the trust they placed in us for this transaction.”
Josh Crowell, Founder and President of Elowen Capital
