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LONGVIEW, TX-A North Texas multifamily owner has secured two loans within months of each other, pulling out roughly $2 million for reinvestment in other ventures. The newest transaction is a $2.1-million permanent mortgage for the 104-unit, 95%-leased Towne Oaks complex in Longview, TX.

The borrowers–partners from Texas and California–pulled out $1.2 million from the new deal, says Todd McNeill, senior director for Dallas-based Metropolitan Capital Advisors, the loan arranger. Just a few months ago, the partners got another $2.1 million via a similar transaction for the 136-unit, 97%-occupied Towne Oaks North and pulled out capital from that signing as well. The lender is Archon Financial of Dallas. And, McNeill tells GlobeSt.com, “it’s not a problem with Archon because they’ve owned it for so long.” The loans, he says, also retired all outstanding debt on the complexes.

McNeill arranged both financing packages. The new deal is a non-recourse, 10-year loan at a fixed 6.65% interest rate and 25-year amortization.

The phases delivered in 1978, practically back to back, along Tryone Road. The owners of record, Towne Oaks Longview LP, acquired the assets, about 125 miles east of Dallas, in 1980 from the developer. Until recently, the owners couldn’t secure any financing for Towne Oaks’ second phase, despite its high occupancy, due to ground contamination that McNeill says came from an abutting now-closed gasoline station. For more than a decade, the plan has been to let Mother Nature do the cleanup. McNeill says final clearance from the state’s environmental watchdog wasn’t in hand in time to roll the package into one loan back in the spring.

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