Keith Van Arsdale, director of Dallas-based BMC Capital's Southwest Operations in Houston, tells GlobeSt.com that the borrower, Valva Properties LLC in Northern California, has a long-term relationship with BMC, which is one reason why the mortgage loan company was willing to underwrite a 30-year term, fixed-rate loan for the 910 Main St. complex, assessed at $497,782. The 80% loan-to-value financing has an interest rate hovering 6.5% and 30-year amortization.
Built in 1963 on less than an acre, the 95%-occupied Ken Mar Apartments contains one- and two-bedroom units, which rent for $420 to $500 per month. Scott Gray with Scott Gray Commercial Real Estate in Houston represented the buyer while the seller was self-represented.
"The buyer feels like the Pasadena market is an upside opportunity," Van Arsdale says. "More importantly, from a macro standpoint, he views Houston overall as a great market for property ownership. He simply wanted to continue expanding his scope of operations."
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