AmeriSouth has secured a loan for about $7.2 million to cover the purchase, bought from a local bankruptcy, GlobeSt.com is told. The owner of record is Colorado PL LP, which uses 3100 Cole Ave., Dallas, as its business address, according to the Dallas Central Appraisal District. The property is valued at nearly $3.1 million, according to county records. Information about the Dallas-based limited partnership's bankruptcy was not available nor could it be determined if it was a single-asset LP that went belly-up.
John Brownlee of Holliday Fenoglio Fowler's Dallas office arranged the adjustable-rate, 18-month bridge loan. Key Bank of Cleveland provided the financing for the class C acquisition.
The game plan will be to improve and reposition the 60%-occupied complex along Chaucer Place. "New" is the buzzword as crews undertake roof replacements and kitchens as well as other upgrades to the 32-year-old property. The complex consists of 48 buildings on 22.7 acres.
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