EULESS, TX-AmeriSouth Real Estate Services Inc. has taken a repositioning play to the lender, securing a $5-million-plus loan with a 5.5% fixed interest rate for the stabilized and retrofitted property in the Tarrant County suburb of Euless.

Ruel M. Hamilton, AmeriSouth’s president, tells that roughly $500,000 was put into renovations at the 150-unit Euless Square Apartments at 1304 Raider Dr. in Euless, which AmeriSouth acquired in September 2001. The 10-year loan with 30-year amortization was obtained through Cleveland-based KeyBank in a package put together by John Brownlee in the Dallas headquarters office of Holliday Fenoglio Fowler LP.

At takeover time, the Euless Square units were all HUD subsidized. The repositioning has gradually lowered the HUD number and boosted the rent to an average of $715 per month for units that average 850 sf. The 94%-leased complex sits on about 8.8 acres near Texas 183 in an area with a mix of multifamily and single family.

To date this year, AmeriSouth has refinanced three properties. Each deal has secured a fixed interest rate, a sign from the lender that stabilization and repositioning passed muster.

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