BLUFF SPRINGS APARTMENTS REFINANCED

AUSTIN, TEXAS — A $3.35 million permanent loan has been secured for Bluff Springs Apartments in Austin. The Class B, garden-style community contains 104 units in 16 two-story buildings. Amenities include a leasing office/clubhouse as well as a pool with an adjoining spa and a terraced deck. The community was constructed in 1985 and renovated in 2008. Occupancy was 98 percent at the time of closing. Jamie Dick of Newmark Realty Capital arranged the loan on behalf of the borrower, a San Diego-based apartment investor. Jay Thomas of Walker & Dunlop led the lending team, which procured the financing through Fannie Mae. The loan includes a 5.52 percent interest rate, a 10-year term with a 30-year amortization schedule, and a 75 percent loan-to-value ratio with a 1.47x debt-service coverage ratio.