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HOUSTON-The owner of Houston’s Meyergrove and Meyer Oak apartments has received $9.3 million in a refinancing package from Chicago-based Prudential Mortgage Capital Co.

The Meyergrove is a 227-unit complex at 4605 N. Braeswood Dr. in the southwest submarket. Built in 1981, it leveraged $5.6 million of the package, with Meyer Oak providing the collateral for the $3.7-million balance. Constructed in 1976, the Meyer Oak Apartments consist of 152 units at 4600 Beechnut St., also in the city’s southwest submarket. Houston-based Meyergrove Beechnut Ltd. is their owner.

In a prepared statement, Matt Franke, vice president of independent Houston-based mortgage banker Kinghorn, Driver, Hough & Co., said “Prudential was able to creatively resolve several underwriting hurdles and provide the borrower an interest rate well below 7%.” He was the loan officer for the two refinancing packages, which has a 30-year term and 10-year amortization.

Kinghorn, Driver, Hough & Co. lately has become very active in multifamily financing as well as investment and equity sales. The firm recently closed a $14.5-million refinance for a 272-unit complex in the Houston suburb of Sugar Land.

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