RJC Holdings Inc. secured the loan, with a 30-year amortizationand 6.51% fixed-rate interest, with the One Pine Apartments at 4300Sherwood Lane. James Mayfield, director in Dallas for theUniondale, NY-based Arbor Commercial Mortgage, tells GlobeSt.comthat the private investor, a client of Interurban Corp., sold twocomplexes in the metro region and held onto what is considered "hisflagship" to gather enough capital to buy a larger multifamilyproperty. "He was mainly refinancing so he could get the cash toexpand his portfolio," Mayfield says.

Borrower RJC Holdings of Katy got the capital, with a 79%loan-to-value ratio, under Fannie Mae's 3MaxExpress product line, aniche program with a streamlined process for less than $3 million,according to Mayfield. RJC Holdings set aside some cash for minimalupgrades to an already renovated, 34-year-old development, assessedat $2.3 million by Harris County. The local investor bought the3.5-acre property seven years ago.

Mayfield says the class C complex was 90% occupied when the loanclosed. Positioned northwest of the Houston CBD and right at theborder of the 610 Loop, One Pine Apartments contains 106one-bedroom units, ranging from 550 sf to 850 sf; 28 two-roomapartments in 1,000 sf and 1,125 sf floor plans; and twothree-bedroom designs with 1,160 sf. Rents run from $380 to $700per month.