The Meadowridge and Villages of Westridge, with 312 units apiece and both positioned near Reliant Stadium, are the collateral for borrower Lamstar Associates, led by Alexander Scharf and Ron Gottesman. The refinancing, obtained through Lehman Brothers, represents a 75% loan to value and replaces a previous note held by the New York City lender.

The loan arranger, Terry Tomlinson in the Houston office of Live Oak Capital Ltd., tells GlobeSt.com that the owners began shopping for a replacement loan about six months before Lamstar's seven-year note came due. Lehman was again selected because the lender was willing to lock in a 5.31% interest rate five months prior to funding, he says, adding the retired debt carried an interest rate in excess of 8%.

The class B properties are located just inside the 610 south loop, Both were built in 1979 and rehabbed in 1988. The refinance will fund exterior renovations including the replacement of stairs and siding and painting.