The Dallas-based limited partnership got a 10-year loan atinterest-only payments at a fixed rate of 5.7% for the 361-unitMcCallum Highlands Apartments, Hunter McGrath with locally basedQuantum First Capital tells GlobeSt.com. The borrower developed the6565 McCallum Blvd. property and recently renovated it.

McGrath tells GlobeSt.com that the new financing retired aconduit loan, bearing down on its maturity that was being servicedby Overland Park, KS-based Midland Loan Services Inc. The newvehicle at a 70% loan-to-value ratio went full circle in 75 dayswith the New Jersey-based Prudential coming out on top of a halfdozen offers "for the surety of execution," he says. "If I know mybusiness, I don't need to show it to more than that. It was a nicedeal for everybody."

McCallum Apartments is a gated class B asset with one- andtwo-bedroom units. "Basically, it's full," McGrath says. Theaverage apartment is 604 sf. Monthly rents range from $425 to$810.