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November 19, 2020
Local firm Thayer Manca Residential has secured a little over $26 million in refinancing for its Circ Apartments in Albuquerque, the firm announced. The 10-year Freddie Mac loan caries a fixed rate of 285%, with full-term, interest-only debt service. TMR acquired the 264-unit property two years ago for an undisclosed amount. Previously called Ventana Canyon, the Circ has undergone $4.1 million in renovations. Joe Manca said in a statement, “The New Mexico market continues to show great economic strength. We are excited to continuing providing inspired workforce housing for this dynamic community.” TMR also recently acquired the 200-unit Ottavo Apartments and the 280-unit Mirabella Heights.