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KATY, TX-With $19.4 million of construction funds in hand,Dallas-based Today Realty Advisors next week will break ground on a312-unit multifamily development near Interstate 10. Despite thehigh-leverage nature of the financing, the lender has OK'd aninterest rate with a 175 basis-point float over Libor.
"That's a very, very good spread for a high-leverage loan," saysRoy Norwood, head of Henry S. Miller Investment Banking Group inDallas. He tells GlobeSt.com that the 27-month loan equals 85% ofthe cost for Mason Park Apartments.
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