"It the shortest period of time that we held a property and refinanced it," Ruel M. Hamilton, AmeriSouth president, tells GlobeSt.com. The units were all HUD restricted when AmeriSouth bought the asset in March from a group of locally based investors. Today, the 97%-leased complex has a market rate rent of 70 cents per sf, Hamilton says.
The 10-year loan, with 25-year amortization, carries a 5.75% interest. John Brownlee, a director for Dallas-based Holliday Fenoglio Fowler LP, arranged the financing through Key Bank of Cleveland.
Hamilton says the holding was viewed as a long-term hold from the onset of the purchase. The 11-building complex, built in 1968, is positioned on 2.9 acres in a town east of Fort Worth.
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