Townview Place Apartments, a 112-unit complex in San Antonio'swest submarket, received a $1.85-million loan, and Colony SquareApartments, with 64-units in San Marcos, secured $1.95 million. Thefinancing will help the owner, PSRA Investments Inc. of Austin,free equity and make cosmetic improvements to those properties andothers it owns, according to Neil Freeman, president ofChicago-based Aries Capital. Craig Johnson of Aries' Phoenix officearrange the financing and Anthony Eddols of North American MortgageCo. brokered the deals.

The fixed-rate loan has an interest rate of 7.5% for a 10-yearterm with a 30-year amortization. The loan-to-value ratio was76%.

Townview Place, built in 1974 on 5.8 acres, has 64 one-bedroomunder 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 in1982-83 and is positioned on 6.9 acres.