DENTON, TX-A Canadian investment group, looking to break intoNorth Texas for awhile, has bagged its first multifamily property,the 308-unit Savannah Trails Apartments. The all-cash play closedone day ahead of schedule after going full circle in 74 days at theheight of the capital markets pullback.

“Timing was critical,” says Peter Hartnett, associate partner inDallas for Hendricks & Partners, who credited Alex Katz, nowmanaging director of the Los Angeles office for New York City-basedMeridian Capital Group LLC with keeping the deal on track. Hartnetttells GlobeSt.com that the buyer of record, Dallas Two LLC ofCanmore, Alberta, had to put up an extra $250,000 of earnest moneyfor the 1610 E. McKinney St. property to lock in its interestrate.

As the capital markets faltered, Katz also managed to get adefeasance done in two weeks for the Dallas-based seller, AppleCreek Partnership LP, and sewed up details for the buyer's loan ata lower fixed-rate interest with Credit Suisse First Boston,according to Hartnett. “He was very instrumental in getting thatdeal done. They performed, they did exactly what they'd said they'ddo and they didn't re-trade,” the broker says.