HOUSTON-Beech Street Capital has arranged a 10-year Freddie Mac CME loan toward the acquisition of the 244-unit Westheimer apartment property here, GlobeSt.com has learned exclusively. The $30.9-million loan to US Real Estate Investment Fund is interest-only with a 30-year amortizing schedule.

Industry data indicate that US REIF, managed by Boston-based Intercontinental Real Estate Corp., paid a total of about $48 million to buy the five-year-old luxury midrise from BlackRock. It’s the first deal in both the Houston area and the multifamily space for US REIF, although previous Intercontinental funds have invested in Texas and apartments.

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