Chancellor JV Gets $12M To Finish 369-Unit Rehab

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HOUSTON-A multifamily property owner has secured $12.06 million to finish a renovation of the 369-unit Rolido Parque Apartments in Westchase. The fresh capital, bearing an 80% loan-to-value ratio, replaces a floating-rate vehicle with a fixed rate for the three-year term.

The Horsham, PA-based Capmark Finance Inc. replaced Wachovia as the lender with the refinance by Chancellor Real Estate, the local operating partner, and its equity backer, Overland Capital Corp. of Boston, according to Brant Smith, vice president in Houston for Capmark Finance. The owner of record, Rolido Parque LP, plans to invest another $2,000 per unit into finishing work at the 2929 Dunvale Rd. asset, Smith tells GlobeSt.com. The owner had completed interior upgrades in 2004 so the majority of the reserve pool, which will be released in staged advances, will be applied to refurbishing the 20-year-old complex’s exterior and grounds. The 9.35-acre asset consists of 13 two- and three-story buildings, clubhouse and leasing office.