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ARLINGTON, TX-A locally based investment group has taken out a $7.75-million loan, or close to 80% of the purchase price, for the 167-unit Post Ascension Point in Arlington. The 22-acre, 14-building holding at 2500 Ascension Blvd. will be taken back to its original intent: for-sale condos.

But first, buyer Ascension Properties Ltd. must change the name in keeping with Atlanta-based Post Properties’ requirement at sale time. The new name is still being kicked around, Sean P. Bushe, regional loan officer for La Jolla Bank’s Dallas office, tells GlobeSt.com.

Bushe says the loan represents just the acquisition cost. Upgrades are being handled separately and will be done prior to individual unit marketing.

Ten units in the first phase have been privately owned since they delivered in 1985. In 60 days, conversion work will begin on 86 more, with the balance being changed as leases roll over, according to Bushe.

The four-year, interest-only loan carries a rate of 6.75%. Under the loan structuring, Bushe says units will be released as they are sold. Today’s market is more attuned to the “for-sale condo” opportunity than in the mid-1980s when the fad fell by the wayside out of sheer necessity to survive the late 1980s. “I think it’s going to do real well,” says Bushe of the renewed play.

Some 15 offers rolled in for Post Properties’ 92%-occupied complex, built in two phases in 1985 and 1995. The average unit size of 904 sf brings in $875 per month.

The Apartment Group in Dallas negotiated the sale for Post Properties while Steve Fithian of Visions Realty & Investment handled talks for the buyer of record. Fithian is a principal in the buying entity, says Bushe.

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