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HOUSTON-Internacional Realty Inc., the San Antonio-based purchaser of the 641-unit Gables Meyer Park in Houston, received a $41.6-million loan from New York City’s MetLife Real Estate to close the $52-million acquisition from Gables Residential of Boca Raton, FL.

Hugh L. Caraway Jr., Internacional Realty’s CEO, tells GlobeSt.com that the complex at 9550 and 9701 Meyer Forest Dr., bought as a long-term investment, is a class A property that came without any deferred maintenance and a 98% occupancy. The “Gables” label, as is always the case, will be stripped from the name. Going forward, it will be called Meyer Park Apartments. For previous story, click here.

Frank Satterfield and Matt Franke, both with Kinghorn, Driver, Hough & Co. in Houston, arranged the acquisition financing through MetLife. The 10-year loan has a 30-year amortization schedule and 4.2% interest rate, says Satterfield. The capital represents 75% of the loan to value.

Satterfield says MetLife was chosen as the lender due to its competitive interest rates and ability to close the deal within the hard deadline of 60 days. He adds that MetLife’s interest in the property was tied to “the infill location that pulls residents from the Medical Center and Galleria” submarkets.

In Houston, Internacional Realty also owns the 260-unit Hollister Place and 210-unit Beverly Wilshire. Its Sunbelt portfolio consists of 15 complexes, mostly class A and mostly in Texas.

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