Andrew Stewart and Lisa McMahon have completed a loan modification for Woodlake Townhomes, a 315-unit multifamily property in Houston, TX. The modification included a paydown of $3,001,125, a reduction in interest rate, and an extension of the interest-only period for an additional 68 months.

The property was severely damaged in September of 2008 during Hurricane Ike and incurred over $2,000,000 worth of repairs. As a result, numerous units were offline while the property was restored, causing a further decrease in cash flow. During this time, the property was not able to cover debt service and the borrower was funding the shortfall. As a result of the modification, debt service decreased by 39.3%. While recovery in Houston has been slow, the property is poised to outperform its competition given that many of the units were recently renovated as a result of the hurricane. The property also benefits from an excellent location in the West Houston area. It is situated approximately 10 miles west of Houston’s CBD, less than two miles east of the Westchase District, one of the premier business addresses in Houston, and four miles west of the Uptown District and The Galleria, an upscale mixed-use retail and office development.