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248-Unit Turn-Around Merits $7M Loan

FORT WORTH-The one-year owner of Woodridge Apartments gets $6.55 million after putting roughly $400,000 into upgrades and raising occupancy above 95%.

By Connie Gore | Updated on July 09, 2008

FORT WORTH-The one-year owner of the 248-unit Woodridge Apartments has replaced interim bank financing with a $6.55-million Fannie Mae loan after completing a renovation and bumping occupancy above 95%. The seven-year loan, with two years of interest-only payments, had a sub-6% fixed-rate interest.

Eli Gershenson with Dallas-based Quantum First Capital LP says market conditions limited the search for a new lender to Fannie Mae and Freddie Mac, with Bethesda, MD-based Green Park Financial stepping up with a non-recourse DUS package to seal the deal. He tells GlobeSt.com that the private investor from San Francisco ended up with 75% to 80% loan-to-value financing for the 17-building Woodridge Apartments at 500 E. Loop 820.

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