HOUSTON-The Morgan Group Inc. has replaced construction financing, pegged at $51.6 million to $56 million, with permanent financing on the 295-unit 36Sixty Apartments in the Greenway submarket. The five-year loan from Freddie Mac carries a 5.17% fixed-rate interest.

James S. Adams, senior vice president and branch manager in Houston for Capmark Financial Group Inc., is bound by a confidentiality agreement so some deal details are off limits. He can confirm that the refinance retired the construction loan, but isn’t able to say if the Houston-based developer pulled additional equity from the 95%-leased development at 3660 Richmond Ave. to begin a second phase or possibly another project.

The Morgan Group built the four-story mid-rise building on a 4.3-acre tract ground-leased for the long term from Holly Hall Inc., a local non-profit group. The apartment building was completed in early 2007. Assessed at $37.1 million by Harris County Appraisal District, the complex has one- and two-bedroom units, ranging from 691 sf to 1,478 sf. The monthly rents start at $1,125 and climb to $2,275, according to Internet research.

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