A recently closed $48.2-million refinancing for seven multifamily properties precipitated today's wheeling and dealing. Susan Hill of Holliday Fenoglio Fowler LP's Houston office says the cash drawn out of the refinancing will be applied toward the acquisition plan. Baldridge won't say just how much cash is reserved, but did reveal there's enough liquidity to absorb between 2,000 to 3,000 units before financing is needed.

In addition to the $48.2-million refi, Hill arranged an $8.25-million one for Trimark's 310-unit Fairway Crossing Apartments at 7229 Ferguson Rd. in northwest Houston. According to Hill, the most recent refi, with a 12-month term, is positioning the complex for disposition. The 98%-occupied Fairway Crossing, she says, is a prime example of Trimark's formula for success: rehabilitate, reposition and re-tenant under-utilized or underperforming properties. She has arranged in excess of $100 million in financing for Baldridge and Trimark.

Trimark has rehabilitated more than 21 multifamily properties with budgets totaling more than $50 million. At purchase time, the properties had average occupancies of 57%, but push 95% or better after Trimark steps in to do its job. "There is great opportunity in the B and C market," says Baldridge.