DEAL OF THE DAY: Quantum First Closes $22.61M Loan to Finance 25-Building Rental Community
- Jun 03, 2008
By Anuradha Kher, Online News EditorDallas–Quantum First Capital recently closed a $22,610,000 loan to finance the Vail Quarters Apartments in Dallas. The loan was funded through Quantum First Capital’s correspondent relationship with Green Park Financial through the Fannie Mae DUS program. The loan was structured at a seven-year term with full-term interest-only payments at a sub-5.75 percent interest rate.The Vail Quarters Apartments is located at 3900 Briargrove Lane in Dallas. The 25-building, 332-unit Class A project was completed in 2007. Developed on 9.61 acres, the garden-style, apartment community features one and two-bedroom units averaging 864 sq. ft.The units are finished with granite countertops, crown moulding, hardwood floors in the lower units, and a choice of washers and dryers or washer/dryer connections. Additional amenities include two swimming pools, clubhouse, fitness center, business center, recreational room with pool tables and shuffleboard, and garages or carports. Within 10 months of unit availability, the project was 90 percent occupied and is currently 99 percent occupied.