The newest adds to the portfolio--644 units in two complexes inDallas and 100 units in Austin--will close within a month, RuelHamilton, AmeriSouth president, tells GlobeSt.com. The talking fornow focuses on four refinancing packages leveraged by 615 units inthe Dallas area.
John Brownlee of Dallas-based Holliday Fenoglio Fowler LParranged the simultaneous loans in 60 days through KeyBank ofCleveland. All are 10-year loans, with varying amortizations, at6.4% interest and an 80% LTV. The complexes generate an average of$650 monthly per unit for the average size of 800 sf.
Hamilton says AmeriSouth historically refinances soon aspossible. In today's environment, lenders are most often requiringthree to six months of stabilization before they'll stamp thedeals.
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