EBSC Lending closed a $26.56 million bridge loan to refinance a mid-rise, loft-style multifamily property in Houston, Texas. The financing was originated by David Palmer, VP of Special Assets at EBSC Lending.

Originally built in the 1980s and repurposed as a warehouse and distribution center during the 1990s, the 60-unit property was acquired in 2019 and transformed into a modern loft-style residential community. The building now offers amenities such as a fitness center, storage facilities, dedicated parking, and landscaped outdoor areas. Notably, 20 units—18% of the total—are reserved for affordable housing.

“We are proud to provide flexible, non-recourse bridge-to-agency lease-up financing that allows our client to manage the loan seamlessly throughout the lease-up period and transition smoothly into stabilized Agency execution with minimal friction costs,” said David Palmer.

“This transaction not only supports our investment goals but also helps address the critical demand for affordable housing in Houston. Partnering with EBSC Lending made the process efficient and collaborative,” added Brandon Cooke, the project sponsor.