Andy Scott of the Dallas office of Holliday Fenoglio Fowler LP arranged the 10-year, fixed-rate loan through GE Capital Real Estate, a conduit lender. The borrower was Ocean Stone LP, which is affiliated with Baton Rouge, LA-based Peek/Howe Real Estate. The loan's interest rate is 5.4% with a 30-year amortization schedule.
The loan marks the first transaction between Ocean Stone, Holliday Fenoglio and GE Capital Real Estate. From application to closing, the process took 42 days.
The 138-unit complex at 1500 S. Lamar Blvd. was built in 1974. It underwent a renovation between 1998 and 2001.
Stoneridge is outpacing the Austin market when it comes to occupancy. The citywide rate was 90.66% at the end of the third quarter, according to the Austin Multi-Family Trend Report from Austin Investor Interests. The average rent is $715 per sf, down 88 cents per sf.
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