RALEIGH, N.C.--(BUSINESS WIRE)--Sep 18, 2026--
Elowen Capital has structured and sourced $101 million in total capitalization for ECA's acquisition of a 20-property, 1,576-unit multifamily portfolio spanning 13 cities across Texas. The capitalization combines $94.2 million in senior and stretch senior bridge debt across two independent lenders with $6.7 million in limited partner equity.
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The debt consists of interest-only bridge loans provided by RRA Capital and The Bancorp, structured to support both the acquisition and capital improvements at each asset. The business plan for ECA is to reposition the portfolio by investing heavily in interior and exterior improvements. The individual properties were built between 1999 and 2007 and will benefit from large-scale interior upgrades including new granite countertops, appliances, LVP flooring, and cabinets, along with exterior roof, parking lot, landscaping, and HVAC improvements.
The portfolio spans 13 Texas markets, with the largest concentrations in Longview (324 units), Dallas (176 units), and Houston (168 units). Additional assets are located in Paris, Vernon, Brownwood, Fort Stockton, Freeport, Mineral Wells, Bay City, Baytown, Crystal City, and Pecos; markets that have been overlooked by investors but provide a substantial opportunity to accomplish ECA's mission of delivering strong returns and stronger communities.
Elowen Capital began work on the portfolio in February 2026 and ran the debt and equity processes in parallel over roughly 6 months, sizing the capitalization internally, marketing with strong relationship lenders, negotiating final terms, and coordinating multiple lenders, closings, and diligence tracks across the 20 assets over a multi-week closing process.
The portfolio was acquired through transactions brokered by Andrew Mulhall of SVN AVAT Realty, Garret Huie of SVN Oak Realty Advisors, and Derek DeHay of Lument.
"We are proud of the deep relationships that have been built across both our clients and the lenders we work with. It's important that Elowen Capital remain high-touch to the clients we represent, ensuring we bring the right capital partner to every project.
"To be trusted with our clients' most important work and to shepherd that work to a successful conclusion is never taken lightly. We are thankful to ECA and our capital partners for the trust they placed in us for this transaction," said Josh Crowell, Founder and President of Elowen Capital.
ECA has been a long-standing client of Elowen Capital, and this capitalization represents the largest single transaction the two firms have completed together. The portfolio adds meaningful scale in a state where ECA is targeting growth of its multifamily footprint.
"This transaction reflects the continued execution of our long-term investment strategy and represents an important milestone in ECA's expansion across Texas. We appreciate the confidence Elowen Capital and our financing partners have placed in our team and look forward to continuing to invest in markets where disciplined capital and strong operations can create enduring value," said Michael Garland, Co-Founder of ECA.
"Successfully closing a portfolio of this scale requires experienced partners and a shared commitment to execution. We are grateful for the collaboration of Elowen Capital, our lending partners, and everyone involved in bringing these acquisitions to the finish line. We believe this portfolio provides a strong foundation for long-term performance and continued growth in Texas," said Loyd Fornes, Co-Founder of ECA.
"ECA continues to impress us with its ability to source new opportunities and execute high-quality, value-add business plans with speed and discipline. This portfolio acquisition reflects the strength of their platform and their ability to execute at scale. We value our partnership with ECA and Elowen and are pleased to support their expansion into Texas," said Ted Van Brunt, Chief Investment Officer of RRA Capital.
About Elowen Capital
Elowen Capital is a boutique commercial mortgage banking firm that structures and sources debt and equity for multifamily and commercial real estate investors and developers. Capital-source agnostic by design and a member firm of the Strategic Alliance Mortgage (SAM) Network, the firm works across agency, CMBS, bank, insurance company, credit union, and private debt fund capital. Founded by Josh Crowell, who has originated more than $700 million in commercial real estate debt and equity across 100+ transactions in 30+ cities and 6 states, Elowen Capital is headquartered in Raleigh, North Carolina. Learn more at elowen-capital.com.
About ECA
ECA is a vertically integrated multifamily real estate investment firm that acquires, improves, and operates apartment communities in supply-constrained and underserved markets. Co-founded by Michael Garland and Loyd Fornes and headquartered in Raleigh, North Carolina, ECA manages north of 7,000 units across 84 communities in 51 cities, supported by 6 vertically integrated operating companies. Learn more at ecaholdings.com.
About RRA Capital
RRA Capital is an institutional commercial real estate bridge lender and investment firm providing customized debt solutions to sponsors nationwide. The firm specializes in value-add, distressed, and event-driven middle-market opportunities, including transitional and underperforming assets across commercial real estate property types. Through disciplined underwriting, institutional pricing, and a strategic approach to complex transactions, RRA Capital helps experienced sponsors execute their business plans and pursue growth opportunities. RRA Capital is a family-owned and operated, veteran-owned firm committed to transparency, operational excellence, and strong alignment with its investors and borrowers. Learn more at rracapital.com.
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