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$8M Loan Kicks Off 308-Unit Apartment Rehab

HOUSTON-A lower interest rate and extra cash to make improvements compel American Realty Investors Inc. to refinance Waverly Apartments, a class B complex near the Galleria. Thrivent Financial provides the $7.8-million loan.

By Jennifer D. Duell | Updated on July 14, 2005

HOUSTON-American Realty Investors Inc. has received $7.8 million to retire an existing loan and fund improvements to the 308-unit Waverly Apartments, a class B complex near the Galleria.

“American Realty wanted to take advantage of the current market,” says Jude C. Hopkins, an assistant vice president with GMAC Commercial Mortgage Corp.’s loan origination office in Houston. He and Allan D. Dannatt arranged the financing through Thrivent Financial Life, the borrower’s original lender on the 2301 Hayes Rd. property.

The Thrivent loan has a 10-year term with a 5.47% fixed-rate interest. “We saved him a bunch of money because the new loan decreases his rate by two percentage points,” Hopkins tells GlobeSt.com, adding the financing represents a 70% loan-to-value.

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