EL PASO-Cash Investments, a Texas-based owner of 7,800 multifamily homes, has refinanced two of its El Paso apartment properties with 10-year loans at a fixed rate of interest from JP Morgan Mortgage Capital.
The New York-based conduit lender provided a $3.48-million loan for the 121-unit, seven-building Southview Apartments that is 97% leased on a 4.1-acre site at 611 Yarbrough Dr. The 10-building, 67-unit Ashton Park Apartments has a $1.8-million loan. Ashton Park's studio, one-bedroom and two-bedroom units are 97% occupied. The apartment complex sits on 2.7 acres at 5815 Timberwolf Dr., east of Downtown El Paso. The Southview units average 614 sf of living area. Ashton Park's average unit size is 746 sf.
Greg Pappas, a senior managing director in the Houston office of Holliday Fenoglio Fowler LP arranged the refinancing. Pappas says Cash Investments plans to use the loan proceeds to pay off existing debt, cover any closing costs and return equity to the company. Pappas says Cash Investments also plans to refinance other assets in its multifamily portfolio.
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