The borrower has secured the construction financing through the FHA 221 (d) 4 program. The 40-year term and 40-year amortization carries a 7.09% interest rate, with a 90% LTV and 1.11% DSC. Reilly Mortgage Group's regional office in Dallas arranged the loan.

The Coventry Apartments will consist of one- to three-bedroom units in a Mediterranean styling, with natural stone and stucco board siding. The class A project will feature a clubhouse-business center, swimming pool, fitness center and volleyball court. Units will be pre-wired for state-of-the-art cable, Internet access and telephone hookups. Rent will range from $620 to $1,025 monthly at Coventry Apartments, situated 30 miles north of Dallas.

"This project provides much needed housing in one of the fastest-growing areas of North Texas," assesses Ted Schlossman, Reilly's vice president. The McLean, VA-based Reilly specializes in FHA, Fannie Mae, Freddie Mac and commercial mortgage loans.