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FORT WORTH-The one-year owner of the 248-unit Woodridge Apartments has replaced interim bank financing with a $6.55-million Fannie Mae loan after completing a renovation and bumping occupancy above 95%. The seven-year loan, with two years of interest-only payments, had a sub-6% fixed-rate interest.

Eli Gershenson with Dallas-based Quantum First Capital LP says market conditions limited the search for a new lender to Fannie Mae and Freddie Mac, with Bethesda, MD-based Green Park Financial stepping up with a non-recourse DUS package to seal the deal. He tells GlobeSt.com that the private investor from San Francisco ended up with 75% to 80% loan-to-value financing for the 17-building Woodridge Apartments at 500 E. Loop 820.

“It was a good deal with a good borrower,” Gershenson adds. “It was pretty straight forward.”

Gershensen says Woodridge’s owner pumped $300,000 to $400,000 into exterior renovations since he acquired it about one year ago. The complex, developed in 1982, sits on nearly 10.4 acres in a neighborhood of multifamily and single-family dwellings and service-type business and retail space. Woodridge is a mix of one-, two- and three-bedroom units averaging 797 sf. Rents start at $495 per month.

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