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150-Unit Complex Earns $5M-Plus Refinance

EULESS, TX-AmeriSouth gets a stamp of approval on a repositioning with a 5.5% fixed interest rate from KeyBank on a 10-year loan leveraged by the 94%-occupied Euless Square, a one-time 100% HUD-subsidized holding.

By Connie Gore | Updated on June 12, 2003

EULESS, TX-AmeriSouth Real Estate Services Inc. has taken a repositioning play to the lender, securing a $5-million-plus loan with a 5.5% fixed interest rate for the stabilized and retrofitted property in the Tarrant County suburb of Euless.

Ruel M. Hamilton, AmeriSouth’s president, tells GlobeSt.com that roughly $500,000 was put into renovations at the 150-unit Euless Square Apartments at 1304 Raider Dr. in Euless, which AmeriSouth acquired in September 2001. The 10-year loan with 30-year amortization was obtained through Cleveland-based KeyBank in a package put together by John Brownlee in the Dallas headquarters office of Holliday Fenoglio Fowler LP.

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