Pauls Corp. developed Quarry Townhomes at 250 Treeline Parkseven years ago and had it on the market in 2006. BryanLeonard, senior vice president and branch manager with the SanAntonio office of Capmark Finance Inc., attributes the refi to anacquisition, but details were unavailable. Bexar Central AppraisalDistrict still lists the Pauls Corp. as the owner so the old debtcould be tied to a partnership buyout.

The Capmark-arranged loan has Redhills Quarry LP as the borrowerof record. Leonard has confirmed that the 96%-leased QuarryTownhomes is the owner's only holding in the area.

Leonard says Pauls Corp. sought refinancing to secure morefavorable terms, securing the new capital from Freddie Mac on a 75%loan-to-value ratio. "They wanted to preserve prepaymentconsiderations," Leonard tells GlobeSt.com. "By doing interimfinancing, they could preserve prepayment flexibility while gettinga low interest rate."