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Meet Bill Rapp

NMLS ID # NMLS # 228246

William Rapp, based in Houston, TX, US, is currently a Capital Advisor at Medallion Funds, bringing experience from previous roles at eXp Commercial, NEXA Mortgage, Viking Enterprise LLC and Sun Realty - Houston. William Rapp holds a 1997 - 2001 BBA in Finance @ Texas A&M University. With a robust skill set that includes REO, Sellers, SFR, FHA financing, Reverse Mortgages and more, William Rapp contributes valuable insights to the industry.

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Houston Foreclosure Sends Ripples Through Real Estate Circles!

May 28, 20242 min read

Houston Foreclosure Sends Ripples Through Real Estate Circles!

Houston Multifamily Market Buzz!

In the dynamic world of Houston's real estate market, recent headlines have been dominated by Arbor Realty Trust's latest move: the initiation of foreclosure proceedings on yet another multifamily complex. The borrower's default on a substantial $56.27 million loan has triggered this significant development, sending reverberations through the industry.

Arbor Realty Trust, a key player in real estate financing, issued the loan to Life at Springs Estates Property Owner LLC back in May 2022. This LLC is associated with Inman Equities, a reputable Nashville-based private equity firm helmed by Benjamin Inman. The property in question, Park North, previously known as Life at Spring Estates, is a sizable 372-unit complex nestled in North Houston.

According to public records and reliable sources like Apartments.com, Park North stands as a Class-B property, boasting an appraised value close to $54 million this year, as per Harris Central Appraisal District. However, despite its potential, the property has now found itself entangled in the foreclosure process, with Arbor Realty Trust slated to auction it off on June 4th.

This isn't the first time Arbor Realty Trust has wielded its foreclosure powers in Houston. Earlier this quarter, another multifamily complex met a similar fate, ultimately changing hands to A. Walker & Co., an investment manager led by Austin Walker, a former vice president of originations for Arbor. However, controversy swirled around this transaction, with accusations of fraud leveled against the REIT by Viceroy Research.

The tangled web of financial transactions extends further, with ties to Applesway Investment Group, helmed by Jay Gajavelli. Arbor Realty Trust has foreclosed on multiple properties associated with this group, indicating a broader trend of financial strain in certain sectors of the market.

As the foreclosure saga unfolds, additional complications surface. Mechanics have filed liens against the LLC owning Park North, alleging non-payment for various services rendered on the property. These claims encompass a spectrum of tasks, from plumbing and pressure washing to window and pool repairs, highlighting the intricacies and challenges of property management amidst financial turmoil.

Meanwhile, Inman Equities remains steadfast in its mission, focusing on acquiring and operating quality income-producing multifamily properties across strategic growth markets. With a clear delineation between assets reserved for institutional equity partners and those accessible to accredited and non-accredited investors, the firm maintains a diversified approach to real estate investment.

In the ever-evolving landscape of Houston's real estate market, Arbor Realty Trust's foreclosure actions serve as a barometer of financial health and market dynamics. As stakeholders brace for the outcome of the impending auction, the ramifications of these developments are sure to reverberate throughout the industry, shaping future investment strategies and market sentiments.

Should you need an experienced Commercial Real Estate Mortgage Broker, please feel free to contact me at 281-222-0433.

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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory


Arbor Realty TrustHouston multifamily complexForeclosuredefaultloanInman Equitiespark Northreal estateinvestmentApplesway Investment GroupHouston Westchasefinancial transactions
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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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Corporate | NMLS ID NMLS # 1825831

Corporate Address : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141

Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/

Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS # 1825831

Corporate Address : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141 https://medallionfunds.com/bill-rapp/