DALLAS--(BUSINESS WIRE)--Transcontinental Realty Investors Inc., (NYSE: TCI) is pleased to announce the refinance of Tradewinds Apartments in Midland, Texas. Tradewinds is a Class A luxury apartment community featuring 214 one, two, and three bedroom units. The community has a state of the art fitness center, business center, resort style pool, and designer interiors. Unit amenities include 9 foot ceilings, designer finishes, private balconies, French doors, and granite countertops.
“The new HUD loan retires a $15 million loan with a fully amortized long term loan and phenomenal interest rate of 3.00%,” stated Daniel J. Moos, President & CEO of Transcontinental Realty Investors Inc. “The $13 million cash-out, allows us to recapitalize the asset. This transaction demonstrates our continued commitment to expand our relationship with HUD and aligns with our organization's business strategy.”
Abode Properties (aka: Victory Abode) is a joint venture portfolio associated with Southern Properties Capital (SPC), which is a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI), a Dallas-based real estate investment company. Abode’s investment and strategic focus is to acquire, develop, and operate a portfolio of desirable multifamily residential properties, while capitalizing on our ability to obtain long term and static debt structures. The portfolio stands to benefit from historically established, proven, and successful operational practices, seasoned on-site management, and an experienced leadership team with forward thinking capabilities in order to realize maximum cash flows and consistent returns, while maintaining unequaled resident and customer service. We are disciplined and prudent allocators of capital and we will continue growing our geographically diverse portfolio from the Southwest to the Southeast. These markets are geographically located in areas of the country that correspond with both sustainable and viable economic growth activity. Affiliated companies include American Realty Investors, Inc. (NYSE: ARL), Income Opportunity Realty Investors, Inc. (MKT: IOT), Regis Property Management, LLC, and Pillar Income Asset Management, Inc.
Transcontinental Realty Investors, Inc. maintains a strong emphasis on creating enhanced shareholder value through acquisition, financing, operations, developing, and disposition of real estate across many geographic regions in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the ownership and professional management of apartments, office buildings, warehouses, and retail centers that are "undervalued" or "underperforming" at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental also develops new properties, such as luxury apartment homes principally, on land it owns or acquires.
About Southern Properties Capital
Southern Properties Capital (SPC) operates in Southeast and Southwest USA. The Company’s core assets are tied to owning and operating Class A multi-family apartments and two very prominent and viable Multi Use development properties in Greater Dallas. The Company’s business strategy is to continue to expand its Class A multifamily portfolio through new development and financially attractive acquisitions. To this end, SPC is joint owner of Abode Properties with its parent Company TCI and Macquarie.