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SAN MARCOS, TX-A Boston-area investor, marking his first buy in Central Texas, has spent nearly $8.7 million for a 168-unit complex close to the city’s medical center.

The borrower was racing against the clock to close the deal in less than 60 days, according to Michael Thompson, vice president in BMC Capital LP’s Houston office. The $6.75-million loan to acquire the Cedars of San Marcos at 1101 Leah Ave. crossed the finish line six days ahead of the deadline, Thompson tells GlobeSt.com. The fixed-rate loan, provided by a regional bank, has a seven-year term and 30-year amortization.

“It was just acquisition financing,” the loan arranger says about the 78% loan-to-value package for a first-time buyer in the region. “The transaction went pretty smoothly.”

Pauline Thude of Meredian Investment Realty was marketing the property for the seller of record, Cedars of San Marcos LLC of San Francisco. The class B complex, developed in 1983 on a 7.99-acre tract, contains 48 one-bedroom apartments, 112 two-bedroom units and eight three-bedroom designs. Units range from 713 sf to 1,153 sf. Rents go from $620 to $995 per month. It was more than 90% leased at sale time, according to Thompson.

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