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DALLAS-AmeriSouth Realty Group of Dallas has just completed $18.9 million in refinancing packages for four multifamily properties in its home base to gather capital for upcoming closings.

The newest adds to the portfolio–644 units in two complexes in Dallas and 100 units in Austin–will close within a month, Ruel Hamilton, AmeriSouth president, tells GlobeSt.com. The talking for now focuses on four refinancing packages leveraged by 615 units in the Dallas area.

John Brownlee of Dallas-based Holliday Fenoglio Fowler LP arranged the simultaneous loans in 60 days through KeyBank of Cleveland. All are 10-year loans, with varying amortizations, at 6.4% interest and an 80% LTV. The complexes generate an average of $650 monthly per unit for the average size of 800 sf.

Hamilton says AmeriSouth historically refinances soon as possible. In today’s environment, lenders are most often requiring three to six months of stabilization before they’ll stamp the deals.

The 212-unit Basswood Manor Apartments at 1020 Fox Ave. in Lewisville leveraged the largest biggest ticket, practically $7 million. AmeriSouth bought the 33-year-old complex in December 2001 and pumped $600,000 into its repositioning.

The 143-unit Metrocrest Apartments, bought in May 2001, supported a $4.9-million loan. The 31-year-old complex at 1414 Metrocrest Dr. in Carrollton underwent a $900,000 facelift.

The 160-unit Spruce Square Apartments at 442 S. St. Augustine Drive in Dallas, also a 1969 model, collateralized nearly $4.6 million. It was bought in February 2001 and had $500,000 spent on it.

And, the 100-unit Prairie Ridge at 313 Freetown Rd. in Grand Prairie secured a $2.4 million refinance. Built in 1972, it underwent a $100,000 renovation after its November 2001 purchase.

AmeriSouth is a long-term holder and a widely recognized class C repositioning specialist. Its newest project, the 86-unit La Ventana in East Dallas, is ready to show after a $1.1-million makeover. The property at 3711 Dilido St. was shuttered a year ago by Dallas officials. AmeriSouth bought the note in November 2001 and foreclosed a month later on the Arizona owners.

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