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$20-Mil Loan for Alexandria Building is Capital Market Group's Biggest

ALEXANDRIA, VA-Commercial property financier Henry S. Miller Capital Markets Group closes apartment loans to the tune of 28.9 million sf on three Virginia properties. A single loan of more than $20 million for one of the apartment buildings marks a personal record for the Texas-based firm.

By Barbra Murray | Updated on October 25, 2001

ALEXANDRIA, VA-A $20.3 million loan for the 397-unit Presidential Greens Apartments in Alexandria, VA is the largest single asset loan the Capital Markets Group has ever closed. The other Virginia properties involved, all of which are owned and operated by Chandler Management, are the 202-unit Gates of West Bay Apartments in Richmond and the 112-unit Landmark Apartments in Newport News. Those buildings commanded loans of $5.2 million and $3.1 million, respectively. Interest rates on the loans are approximately 7%. They are 5- and 10-year fixed-rate loans and carry a 30-year amortization.

Capital Markets Group is a financing division of Henry S. Miller, the largest commercial real estate services company in Texas. Before the Presidential Greens transaction, the firm’s highest loan was $17.9 million for the Pepper Square Shopping Center in Dallas Texas. To date, Capital Markets Group has over $400 million in closed loan transactions under its belt.

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