Brant C. Smith, director with the local office of Holliday Fenoglio Fowler LP, arranged the financing for Houston's Randall Davis Co. Smith tells GlobeSt.com that the complex's previous 10-year, CMBS loan, which was acquired after the property's conversion to residential use in 1993, was at the end of its term and needed to be replaced. The new loan has a 10-year term and 30-year amortization schedule. It carries a sub-6% fixed interest rate and has a loan-to-value ratio of 80%.

According to Smith, the complex is currently 98% occupied with average rents at $1.03 per sf based on an average unit size of 1,243 sf. Smith says the owners will put a nominal amount of the loan money into "upgrades" at the property. Dakota Lofts features class A touches, says Smith, like a contemporary art gallery in the lobby, full fitness center and private rooftop viewing and lounge area for taking in the Downtown skyline.