Townview Place Apartments, a 112-unit complex in San Antonio's west submarket, received a $1.85-million loan, and Colony Square Apartments, with 64-units in San Marcos, secured $1.95 million. The financing will help the owner, PSRA Investments Inc. of Austin, free equity and make cosmetic improvements to those properties and others it owns, according to Neil Freeman, president of Chicago-based Aries Capital. Craig Johnson of Aries' Phoenix office arrange the financing and Anthony Eddols of North American Mortgage Co. brokered the deals.
The fixed-rate loan has an interest rate of 7.5% for a 10-year term with a 30-year amortization. The loan-to-value ratio was 76%.
Townview Place, built in 1974 on 5.8 acres, has 64 one-bedroom under and 48 two-bedroom units. Amenities include a swimming pool, social room, picnic area, laundry facilities and covered parking. All of Colony Square's units are two bedroom. It was built in 1982-83 and is positioned on 6.9 acres.
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