Elandis secures $11m Fannie Mae loan on Texas property
Loan to support Houston, Texas, multifamily community, Waters at Westchase
Elandis's recently acquired 260-unit multifamily community, Waters at Westchase in Houston, Texas, has been supported by an $11 million loan facility from Fannie Mae, the Federal National Mortgage Association.
It represents the second loan provided to Elandis by Fannie Mae which is the US government-sponsored enterprise founded in 1938 by President Franklin D. Roosevelt. The previous loan was a $10.7 million facility on the 300-unit Pine Creek multifamily development, also in Texas.
Elandis is the Libra Group's Miami-based real estate ownership and property management company. The company is actively expanding its core business of investing in workforce multifamily assets in the U.S. through its joint venture with M&G Investments.