The seven-year, adjustable-rate loan has a 30-year amortization and was arranged for the property owner, Western Rim Advisors, through Freddie Mac.
Two years ago, Holliday arranged the original construction loan on the property. The new loan "washes out" the remaining balance on the construction loan, Mona Carlton, senior director of Holliday's Dallas office, says in a prepared statement.
"There was no substantial cash out," Carlton says. She wouldn't disclose the interest rate or loan-to-value information on the deal.
The Mansions at Coyote Ridge, built in 1999, is 91% leased.
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