Susan Hill of the Houston office of Holliday Fenoglio Fowler LP arranged the financing for Octagon, which owns more than 6,000 units in Texas. The refinancing was provided through New York City-based Metropolitan Funding Corp., David Stein, the lender's vice president, tells GlobeSt.com.

The package was put together with the HUD/FHA Multifamily Accelerated Processing system's FHA 223 (f) refinance program. The deal closed in 60 days. "This transaction is a prime example of how well the MAP program is being utilized to speed up processing in offices across the country," says Stein. "It benefits all parties, both the lenders and borrowers."

Stein says the 35-year, non-recourse, fixed rate mortgage also funded a capital improvement reserve and provided cash-out equity while voiding existing higher-interest debt. The self-liquidating mortgage carries an 85% LTV and 6.85% interest rate. The mortgage closed just as rates started to rise, he says.

The Trimark portfolio consists of properties built in the late 1970s and early 1980s.Octagon 2000 acquired the properties in 1998 and undertook renovations. Stein says the package boasts occupancy rates in the low- to mid-90% range. Rents for the one-, two- and three-bedroom units bring 52 cents per sf to 67 cents per sf.

The lone Fort Worth property is the 330-unit Cambridge Court Apartments at 8124 Calmont Ave. The Houston properties are the 200-unit Rushcreek Village Apartments at 13503 Northborough Dr.; 236-unit Ravenwood Apartments at 7964 Amelia Rd.; 556-unit North Cove Apartments at 5500 DeSoto Dr.; Springtowne Apartments at 1776 Gessner Dr.; 108-unit Fawndale Apartments at 8103 Grow Lane; and 192-unit Quail Creek Apartments at 7835 Grow Lane.