Being bought are the 784-unit Breckenridge Apartments in Ft. Worth, 319-unit Pine Ridge Place Apartments in Houston and 307-unit Las Brisas Apartments in Las Vegas.DaimlerChrysler Capital Services, based in Norwalk, CT, is providing the three-year financing. Dana Corp. has taken a mezzanine loan while an unidentified borrower has secured the primary $28.1-million loan, says a DaimlerChrysler contact. Of the total, $3.5 million has been earmarked for renovations, GlobeSt.com has been told.
Dana Corp. is one of the world's largest independent suppliers to vehicle manufacturers and the aftermarket. Founded in 1904, the company operates some 320 major facilities in 32 countries and employs more than 80,000 people. Company sales had tallied $13.2 billion in 1999.
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