With a loan from Capri Capital, the 3707 Manchaca Road Ltd. partnership now has a 10-year FNMA loan with a 7.15% interest rate. The loan-to-value ratio was 75%. With the arrangement, the owner extracted $2 million in equity and placed additional debt on the property, according to Aries Capital, which arranged the financing.
Todd Eddolls, of the Austin office that Chicago-based Aries opened this year, arranged the loan. The office also recently arranged a $1.45-million loan for a San Antonio apartment complex.
Forest Apartments, built in 1973, has 96 one bedroom/one bath, 40 two bedroom/one-and-a-half bath, and 48 two bedroom/two bath apartments. It sits on 9.2 acres at 3707 Manchaca Rd. Amenities include a pool, clubhouse and laundry facilities.
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