Carroll Organization Seizes Opportunity for Investors with $70 million Recap of Two Houston Assets
Atlanta, GA — Carroll Organization recently announced the closing of two loans totaling $70 million with Freddie Mac. The loans are separately secured by ARIUM Fall Creek, a 264-unit, Class A multifamily property and Carroll at Shadow Creek Ranch, a 360-unit, Class A multifamily property; both properties are located in the greater Houston, Texas area. Carroll purchased the properties in 2012 through Carroll Co-Invest Fund I, its first of three sponsored real estate funds. Over the last 24 months, the firm has been implementing its value-add strategy to increase property performance.
"Our renovation and repositioning strategy has created tremendous value at Fall Creek and Shadow Creek." said M. Patrick Carroll, Founder and CEO of Carroll Organization. "We actively evaluate the capital markets alongside our investment strategy for each asset we own to assess all potential options. By refinancing the properties, we were able to take advantage of the current low-interest rate environment. With these transactions, we returned 100% of invested capital, locked in a 25% IRR and also preserved ownership of two high quality assets; that’s a huge win for our investors."
Carroll Organization has built strong relationships with lenders such as Freddie Mac over the past several years. The firm is a designated Select Sponsor by Freddie Mac. As a Select Sponsor, Carroll receives best available financing terms and execution. "Our solid working relationship and deep experience with Freddie Mac helped us move through the recapitalization process seamlessly in a short period of time," said Josh Champion, President & COO of Carroll.
