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LUFKIN, TX-A development group from Houston has refinanced threecomplexes from its all-Texas apartment portfolio for $33 million.The collateral is 520 units in Lufkin, Beaumont andNacogdoches.

Leyendecker Group, which built the complexes between 2000 and2003, obtained financing to fund future development projects, saysJim Kirkpatrick, vice president with Live Oak Capital Ltd. inHouston. He arranged the 10-year, non-recourse loan through CIBCWorld Markets Inc. of Toronto, ON. He adds that Leyendecker Groupis in the process of refinancing its other complexes.

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