The loan arranger, Stuart Wernick, president of Dallas-basedQuantum First Capital, says the capital change-out retired a higherrate mezzanine loan and replaced it with a five-year facility at afloating rate interest with strong appeal for a prospective buyer."Any new buyer would find this attractive as an assumption," hetells GlobeSt.com about the revised financing between Green ParkFinancial LP of Bethesda, MD and Olympus affiliate, WMC Management,successor to Walden Residential Inc.

Based on a deal of this magnitude, market sources say the loanreflects an interest rate on the variable side slightly north of2.5%.

Eight months ago, the borrower inked a $479.2-million, FannieMae master credit facility with an expansion option. Wernick saysthe option was exercised well in advance of the expiration,boosting the bottom line to $496.9 million to take advantage of lowmarket rates. Walden channels acquisitions and dispositions throughthe facility, which enables a juxtaposition of assets with nopre-payable penalty.