The financing from Citigroup Global Markets Inc. of New York City replaced construction loans nearing the end of their terms. The new capital was secured at an interest rate below 5.5%, Yvonne Wallace, managing director in Houston for Holliday Fenoglio Fowler LP, tells GlobeSt.com.

The 232-unit Rincon at 3801 N. McColl Rd. in McAllen is securing a $12.6-million loan with a nine-year term and 30-year amortization for borrower of record, Nolana Ltd., Wallace says. The fully leased complex was built in 2002. The Rincon's units range from 618 sf to 1,075 sf and rent for $640 to $950 per month.

The 144-unit Las Palmas at 4200 Las Palmas Circle in Brownsville is standing as collateral for a $6.8-million financing package with a five-year term and 30-year amortization for borrower, Resaca de Las Palmas Ltd. Also built in 2002, the gated complex is 97% occupied, with monthly rents ranging from $580 to $845. Units range from 502 sf to 1,075 sf. The Las Palmas and Rincon, both gated communities, were developed by Jenard Gross of Gross Investments, a Houston-based developer with an in-house management company to oversee the product.