Malone Mortgage Co. of Dallas provided the HUD-insured financing for the Woodcreek Apartments and Cornerstone Apartments. The 196-unit Woodcreek at 1235 Josey St. leveraged a loan of more than $4.1 million. The complex's average unit size is 708 sf.
The 84-unit Cornerstone at 2209 Ave. H was the collateral for a fast-track loan. The Cornerstone's average unit size is 955 sf. Hall acquired the complexes in 1989, just six years after they were built.
Bruce Minchey of Dallas-based Malone Mortgage Co.'s Houston office arranged the financing through HUD's 223 Multifamily Accelerated Processing Program. He tells GlobeSt.com that the fully assumable loans each have an 80% LTV ratio and run for 33 years.
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