The 65-unit apartment complex had been built in 1961 near Barton Springs and had been known as the Hillside Apartments. Renovations are currently being completed by Living Architecture, eyeing completion by May 1.
Amenities for Park Terrace will include covered parking, swimming pool, business office and clubhouse. Living Architecture also has plans for renovating a long-vacant Treehouse nightclub adjacent to Park Terrace. Variances for an apartment complex are still being negotiated.
The interim loan, with a variable rate of 9.61%, has a term of 12 months. The loan-to-value is 79.08%. Loan-to-cost is 79%. Debt service coverage is 1.22 stabilized. The transaction has been handled by COO David Queen in AMI Capital's Bethesda headquarters.
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