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HOUSTON-A multifamily property owner has secured $12.06 millionto finish a renovation of the 369-unit Rolido Parque Apartments inWestchase. The fresh capital, bearing an 80% loan-to-value ratio,replaces a floating-rate vehicle with a fixed rate for thethree-year term.

The Horsham, PA-based Capmark Finance Inc. replaced Wachovia asthe lender with the refinance by Chancellor Real Estate, the localoperating partner, and its equity backer, Overland Capital Corp. ofBoston, according to Brant Smith, vice president in Houston forCapmark Finance. The owner of record, Rolido Parque LP, plans toinvest another $2,000 per unit into finishing work at the 2929Dunvale Rd. asset, Smith tells GlobeSt.com. The owner had completedinterior upgrades in 2004 so the majority of the reserve pool,which will be released in staged advances, will be applied torefurbishing the 20-year-old complex's exterior and grounds. The9.35-acre asset consists of 13 two- and three-story buildings,clubhouse and leasing office.