Behringer Secures $20M Loan on Apt. Complex

TAMPA, FL-Behringer Harvard obtained a Freddie Mac loan for $19.7 million, secured by a first mortgage lien on the Palms of Monterrey, a stabilized 408-unit multifamily complex in Ft. Myers. The debt financing has a seven-year term and Holliday Fenoglio Fowler LP brokered the deal. The loan bears interest , at a variable annual rate equal to one month  LIBOR plus 3.35%, with the rate guaranteed to never exceed 7%.

Behringer Harvard, a sponsor of non-traded publicly-registered REITs based in Dallas, took possession of the Palms of Monterrey in May by foreclosing on the senior debt, which it had purchased last October. The property, which is about 100 miles south of Tampa, was a failed condominium conversion.