DENTON, TX-An Encino, CA owner has worked out a $3.4-million refinance of a 133-unit multifamily asset. The deal has cleared in a 45-day turn from application to closing.
M&A Texas VE Ltd.'s two-year holding, the Village East Apartments at 1700 Village East Dr., earned a 10-year loan at a fixed-rate interest hovering 5% from Bank of America, Jeff Erxleben, assistant vice president and associate producer in the Dallas regional office for Minneapolis-based NorthMarq Capital Inc., tells GlobeSt.com. "It was just a good, clean transaction," he says. The refinance retired a bank loan, allowed the owner to pull out some equity and provided working capital for added exterior repairs, according to Erxleben.
The 92%-leased Village East Apartments, renovated two times in eight years, has units averaging 922 sf and a median rent of 84 cents per sf. The mix has one-, two-, three- and four-bedroom units in one building on 6.9 acres near Texas Woman's University.
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