HOUSTON-Venterra Realty Inc. has obtained $6.67 million in a refinance of a 112-unit complex in the Galleria-Uptown area. The new loan retires debt placed in 2001 for the acquisition and $1.5 million that went into last year's rehabilitation.

The 36-year-old Tree Tops at Post Oak, situated on 2.2 acres at 4510 Briar Hollow Place, will continue to be a long-term hold for Venterra' foreseeable future, Greg Finch, Venterra president, tells GlobeSt.com. "We've fully rehabbed it now. We did the parking lots, car ports, roofs and other improvements inside and out," he says.

Tree Tops is positioned east of Interstate 10 near Memorial Park. "It's in a great location," Finch says. The inner loop area has been a development hotspot in recent years, creating high demand for class A multifamily housing. It's this demand, he adds, that makes the complex a strong-performing asset for the Venterra portfolio.

"We'll warehouse this for the next several years. At some point, over the next five years, we'd like to partner with another firm to redevelop the property," Finch says. "The west inner loop is becoming hot."

The 98%-occupied, class A complex has one- and two-bedroom units averaging 743 sf. Monthly rents range from $695 to $995. It also has "for sale" units, which are priced from $90,000 to $200,000.

Cortney Cole with Holliday Fenoglio Fowler LP in Houston office arranged the refinance with Wachovia Securities LLC of Richmond, VA. The package is a securitized five-year loan with interest-only payments on a 6.20% fixed rate.