(To read more on the debt and equity markets, click here.)
DALLAS-Tarragon Corp. has replaced a floating-rate bank loan onthe cusp of expiring with 10-year, fixed-rate financing for a296-unit asset in North Dallas. The new $8.16-million note, whichhas passed to Freddie Mac, was cleared with an 80% loan-to-valueratio.
"We undertook a $2-plus million renovation and other expenseswith a bank loan. It was coming due," Todd C. Minor, executive vicepresident and treasurer for the New York City-based Tarragon, tellsGlobeSt.com. "With long-term rates being so low, it made sense toput permanent debt on that property." Tarragon has owned AventerraApartments at 11661 Dennis Rd. since the 1980s.
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