News
MULTIFAMILY DEALS
February 28, 2011
Mid-America Apartment Communities, based in Memphis, acquired the 268-unit Bella Casita apartment community in Las Colinas. The high-end, mid-rise multifamily and retail development (completed in 2007) is adjacent access to the new Orange Line of the Dallas Area Rapid Transit system, which will soon connect downtown Dallas, Las Colinas, and D/FW International Airport. *** |
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| Locking in a 10-year note rate, Ridgemont Properties secured an almost $5M refinance loan for Chelsea Apartments in San Antonio. The loan was structured with a 10-year term and a 30-year amortization and was underwritten to a 65% LTV with a 1.51x debt-service coverage ratio. Chelsea Apartments is a 90-unit garden-style apartment community built in 1970. The property was 91% leased at closing. Walker & Dunlop central region manager and SVP Vic Clarkoriginated the loan and led the Walker & Dunlop team. Ridgemont Properties' Trebes Sasser Jr. says he's grateful for locked-in terms given the recent rise in interest rates. |
