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(Read more on the debt and equity markets and the multifamily market .)

HOUSTON-A local buyer has obtained a $10.37-million loan to acquire the 366-unit Cooper’s Mill Apartments. The complex, sold by developer Dinerstein Cos. of Houston, is located in the Clear Lake submarket.

BMC Capital LP managing director Keith Van Arsdale says his company had no qualms about lending funds to Coopers Mill Landmark LLC to buy the 25-year-old complex because of its location at 15603 Gulf Freeway and its condition.

The Clear Lake area has been experiencing an upsurge in retail and residential development, making the asset a good investment, Van Arsdale tells GlobeSt.com. Additionally, Cooper’s Mill is “a solid, class B-plus asset and it’s well-located,” he explains. “It’s off Interstate 45 so you can’t miss it. When you get within the property, it has nice green space and it shows well.”

Van Arsdale says the borrower secured 90% loan-to-value financing. The non-recourse loan has a 10-year term at a fixed-rate interest with the first five years as interest-only payments and 30-year amortization.

Van Arsdale says the new owner not only is familiar with the market, but is an experienced operator of multifamily properties similar to Cooper’s Mill. “This is an experienced buyer purchasing an asset that had a consistent operating history,” he says.

The 95%-occupied complex is situated on a 12-acre lot. It has a mix of one- and two-bedroom units, averaging 722 sf. Monthly rents average $550. Houston dealmakers Barry Novy of Novy Investments Inc. and Tom Wilkinson with KET Enterprises Inc. brokered the transaction.

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