EL PASO, TX-A 284-unit apartment is under construction in El Paso. Delivery of the Pellicano’s units should begin in May 2003, with full completion by September.

L.J. Melody & Co. of Houston arranged a $14.5-million construction loan for the project’s developer, Bohannon Development Corp. Prudential Huntoon Paige Associates Ltd. provided the financing.

Tracy Kennedy of Melody’s Austin office arranged the loan. He tells GlobeSt.com that it has a 40-year term and 40-year amortization schedule. The interest rate is 6.25%.

Kennedy characterizes the El Paso apartment market as stable. The Pellicano project is on El Paso’s southeast side. It does not have a specific street address yet, Kennedy says.

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