John S. Brownlee of Dallas-based Holliday Fenoglio Fowler LP was the loan originator for Price Realty, led by president Michael Ochstein. Brownlee secured the 10-year loan, with 30-year amortization, through Lend Lease Real Estate Investments, a Freddie Mac lender. Brownlee tells GlobeSt.com that Ochstein has used Lend Lease for his last three Freddie Mac financing packages.
Ochstein's Price Realty, owner of 5,000 units in Dallas-Fort Worth, acquired the Park on Greenville in 1995. The 27-year-old holding at 9221 Amberton Parkway was 97% occupied when at the loan closing.
As is so common these days, Price Realty intends to pull out some capital with the refinancing, Brownlee confides. Price Realty is shopping the market so the action helps set up a funding pool. Ochstein did not return telephone calls before press time for comment.
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