"This is our second transaction with Bank of America in just the past few months," says Brad O'Neil, Amstar's finance director. "We expanded our relationship in October with a $30-million loan to finance the renovation of Nordic Hills Resort & Conference Center in Itasca, IL, a western suburb of Chicago."

Amstar's affiliate will use the $33-million, 36-month, floating rate loan to fund construction of the company's first apartment community in Houston, the Estates at Memorial Heights. The 437-unit complex is under construction on a 10-acre site in the upscale Memorial Heights neighborhood. The Morgan Group Inc., a national multifamily developer based in Houston, is developing the property at Memorial Parkway and Studemont Street.

A combination of one- and two-bedroom floor plans, the apartment community will consist of three- and four-story buildings around a central parking garage. Featuring unobstructed downtown views and townhome units with direct access garages, The Estates at Memorial Heights will offer a full complement of amenities: a resort-style pool and sun deck, a state-of-the-art fitness center, a half-court indoor gymnasium, and a luxury clubhouse with a media room and a business center.