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SAN ANTONIO-A permanent loan of $19.65 million has been arranged for the Ventana Apartments in northwest San Antonio. The 390-unit complex is close to major employers such as USAA and the South Texas Medical Center.

Houston-based L.J. Melody & Co. provided the loan on behalf Ventana Apartments LP and then sold the loan to Freddie Mac. Tony Spaeth of Melody’s Austin office arranged the transaction. The seller of the apartments was SC Ventana Inc.

Spaeth tells GlobeSt.com that the loan carries a 10-year term at 6.4% interest and 30-year amortization. The complex is 95% occupied. There are no renovations on the drawing boards for the seven-year-old property, he says. The property’s assessed value stands at $20.65 million, according to the Bexar Appraisal District.

In the first quarter of 2002, there were six apartment sales in San Antonio, according to Hendricks & Partners, a Phoenix-based firm. Vacancy in the north submarket, according to Hendricks’ categories, was 6.9%, up from 6.6% a year earlier. The average rent in the submarket rang up 2.2% higher. Rent averaged $644 per month in the first quarter.

The Ventana’s per unit selling price came in at $50,384. Located at 11020 Huebner Oaks close to Interstate 10, the complex has one, two and three-bedroom units with sizes ranging from 671 sf to 1,275 sf. It has a fitness center and two resort-style pools.

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