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Developer Lands $19M Loan for Class A Pair

RIO GRANDE VALLEY, TX-The 232-unit, fully occupied Rincon in McAllen is the collateral for $12.6 million and the 144-unit, 97%-leased Las Palmas in Brownsville leverages the balance of the financing for Gross Investments.

By Jennifer Brenner Andrade | Updated on December 09, 2003

RIO GRANDE VALLEY, TX-A multifamily developer, using separate investment partnerships, has secured $19.4 million in permanent financing for a pair of class A properties in McAllen and Brownsville.

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.

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