The Bascom Group has completed a $52 million cash-out refinance of Cantera at Towne Lake, a 366-unit, Class A garden-style multifamily community located in Cypress, Texas — a high-growth suburb situated northwest of Houston. Newmark Multifamily Capital Markets arranged the financing through a debt fund, with the transaction led by Vince Punzi and Lowell Takahashi on behalf of Bascom.
The loan was structured to include $4.42 million in capital expenditure reserves earmarked for a new round of property renovations, while also incorporating prepayment flexibility aligned with Bascom’s strategic business plan for the asset. The structure reflects Bascom’s value-add investment approach — using refinancing proceeds to fund targeted improvements that enhance the resident experience and strengthen long-term asset performance.
Constructed in 2008, Cantera at Towne Lake offers one-, two-, and three-bedroom luxury apartment homes with a robust amenity package. Residents enjoy access to a 24-hour fitness center, two resort-style pools, outdoor grilling areas, a conference center, and lush landscaping throughout the community.
The property is situated within the highly sought-after Towne Lake master-planned community, one of the premier residential destinations in the greater Houston area. Its location provides convenient access to Highway 290, the Grand Parkway, and key employment and retail corridors spanning Cypress and northwest Houston — a submarket known for its strong household incomes, top-rated schools, and continued population growth.
Since 1996, The Bascom Group has completed over $22 billion in multifamily value-added transactions across more than 365 properties and 105,000 units nationwide. The firm has maintained a consistent presence in the Texas market, having previously acquired Capitol at Stonebriar in Frisco and other assets across the Dallas-Fort Worth and Houston metro areas, leveraging the state’s strong demographic tailwinds and business-friendly environment.