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92-Unit Apartment Complex Collateralizes $1.45M Loan

SAN ANTONIO-The focus now for the 92-unit Calypso Apartments in San Antonio is to beef up occupancy. The borrower sought a short-term loan during repositioning of the recently renovated community, with a plan for a long-term note down the road.

By Tim Green | Updated on March 19, 2002

SAN ANTONIO-The Calypso Apartments has secured a $1.45-million loan that will help the 92-unit complex in the northwest submarket build occupancy after an extensive renovation.

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.

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