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EL PASO, TX-The 160-unit Park Ridge complex in El Paso has leveraged a loan of about $2.9 million for a trio of owners from Dallas, San Antonio and Boston. The 10-year loan is amortized over 30 years and locked into an interest rate of about 6%.

The loan represents the sixth such transaction in 15 months between the borrower and lender, Column Financial Inc., says Scott L. Fowler, a Dallas-based director for Holliday Fenoglio Fowler. He says the borrower, Park Ridge Apartments LLC, typically buys, rehabs over a 12- to 24-month period and then refinances with a long-term, fixed-rate mortgage. The key is to leverage the property’s improved performance, Fowler explained to GlobeSt.com. The Park Ridge Apartments rent averages 65 cents per sf for a typical unit size of 826 sf.

The 94%-occupied complex was built in 1974 at 6938 Alto Rey Ave. It consists of one-, two- and three-bedroom units. Its owner also holds deeds to another 5,000 units in Dallas-Fort Worth.

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