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Vail Quarters Apartments Nails $23M Refinance

DALLAS-Developer Adam's Rib Inc. moves the 332-unit class A complex to permanent financing with a 70% to 80% LTV. The seven-year loan has a sub-5.75% fixed-rate interest.

By Connie Gore | Updated on June 03, 2008

DALLAS-Crossing the finish line in roughly 60 days, Adam’s Rib Ltd. has replenished its till with a $22.61-million refinance of a construction loan for the 332-unit Vail Quarters Apartments in North Dallas. A traditional 70% to 80% loan-to-value ratio was used to lock down the new financing.

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.

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