Dallas Apartment Property Recapitalized With $22.3 Million Loan Secured by Holliday Fenoglio Fowler.

ATLANTA--(BUSINESS WIRE)--Aug. 13, 1999--

Holliday Fenoglio Fowler, L.P., has obtained a $23,263,750 loan to recapitalize the ownership structure of a 476-unit multi-family property in Dallas.

Greg Seitz of Holliday Fenoglio Fowler's Atlanta office secured the equity for Crest Asset Management through ING Realty Fund, a commercial bank lender. The property, Amesbury Parc, was built in 1978 and renovated in 1997. The complex is 93 percent leased.

Of the total capital structure, about $16.5 million was debt provided by BHF Bank, and the remaining funds were equity, Mr. Seitz said. The borrower used the financing to buy out a partner and recapitalize the ownership structure, he said.

"Holliday Fenoglio Fowler was able to demonstrate the value of this property to the lender and obtain the financing at a good market rate," Mr. Seitz said.

Holliday Fenoglio Fowler, L.P., is the country's largest intermediary of capital to the commercial real estate industry. In 1998, the national mortgage banking firm's debt, structured finance and investment sales transactions totaled more than $10 billion.