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HOUSTON-Lender flexibility has helped a San Francisco investorsecure a 10-year, fixed-rate loan for $8.75 million to refinancethe 352-unit Inwood Grove Apartments in northwest Houston. Theborrower will use the financing to retire a loan assumed in 2003when he bought the complex for $9.3 million.
"The term of the underlying loan was drawing to an end so werefinanced," says Jim Adams, senior vice president and manager ofCapmark Finance Inc.'s Houston office, who arranged the Freddie Macfinancing. Located on 13 acres at 7302 Albonson Rd., the class Bcomplex has been housing evacuees from Hurricanes Rita and Katrina,which make up approximately 10% of the 93% occupancy.
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