The Austin office of Chicago-based Aries Capital arranged the loan. The five-year loan, with a 7% interest rate, amortizes over 25 years with a loan-to-value-ratio of 75%. Tony Eddolls of Aries' Austin office arranged the loan.
Aries said the owner of the complex at 5900 Wurzbach Rd. was seeking a short-term loan after its renovation to allow building occupancy at market rates. The complex can then seek a long-term loan at a fixed rate.
Built in 1978, the Calypso Apartments has 52 one bedroom-one bath units and 40 two bedroom-one bath units. It has an outdoor pool and laundry facilities.
Aries, which also has offices in New York and Phoenix, is a Wall Street conduit lender, a licensed Fannie Mae and HUD approved multifamily lender and a member of the Mortgage Bankers Association of America. Eddolls and A. Scott Rosales staff the Austin office.
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