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Atlanta's Shoptaw Finances $19.9 Mil for Second Texas Buy

PLANO, TX-The 330-unit Preserve at Arbor Hills secures a 10-year loan, with 30-year amortization, at 6.49% interest for the Shoptaw Group. It's the second acquisition in Texas since July for the Atlanta-based group.

By Connie Gore | Updated on November 13, 2001

PLANO, TX-Atlanta-based Shoptaw Group has acquired its second multifamily property in Texas. The firm, which is looking for more DFW buys, secured a $19.9-million acquisition loan at 6.49% interest for 10 years with a 30-year amortization for the purchase of the 330-unit Preserve at Arbor Hills in Plano.

“We are always on the look out for more properties in Texas,” Molly Gieselman, Shoptaw project manager, tells GlobeSt.com. The complex, built in 2000, is located at 7001 Parker Rd. In July, Shoptaw acquired the 295-unit, class A Mission Ranch in Mesquite. California-based Fairfield Properties LP is the seller.

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