Eli Gershenson of Quantum First Capital LP in Dallas tells GlobeSt.com that the local developer replaced a Comerica loan, riding against the 3900 Briargrove Lane development, with a seven-year financing from Washington, DC-based Green Park Financial. He says the new lender's note is an interest-only package with a sub-5.75% fixed-rate interest.

Gershenson says the borrower still had term left on the construction loan, but there was no reason to delay permanent financing with a Fannie Mae DUS loan since lease-up had gone so well. Within 10 months of delivery, the complex had hit 99% occupancy and has remained at that level, he adds. The 25-building Vail Quarters, sitting on 9.61 acres, was completed in 2007.

The one- and two-bedroom apartments, averaging 864 sf, go from 542 sf to 1,479 sf, some with attached garages. According to Internet research, the units are renting for $619 to $1,234 per month. The amenity package has two swimming pools plus all the bells and whistles like business and fitness centers as would be expected at a class A complex in North Dallas.