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GlobeSt.com UPDATE: 641-Unit Buy Closed With $41.6M Loan

HOUSTON-Internacional Realty secures the capital from MetLife to take the deed from Gables Residential for the newly named, Meyer Park Apartments. MetLife provides the 10-year loan at a 4.2% interest rate.

By Jennifer Brenner Andrade | Updated on August 19, 2003

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.

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