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$18M Loan Drives 252-Unit Multifamily Swap

HOUSTON-Investors from Stuttgart, Germany, secure $17.9 million to acquire the 252-unit San Melia complex near the Houston Medical Center. The loan, funded by Freddie Mac, has a 75% loan-to-value ratio.

By Jennifer Brenner Andrade | Updated on March 11, 2004

HOUSTON-Investors from Stuttgart, Germany have purchased the 252-unit San Melia complex near the Medical Center in South Houston, using a $17.9-million loan to turn the deed.

LJ Melody & Co.’s local office put up the capital and then sold the loan to Freddie Mac in McLean, VA. The 10-year loan has a sub-5.15% fixed-interest rate and a 75% loan-to-value ratio. The deal was put together by LJ Melody’s Paul House, director, and Tom Fish, managing director, both in Houston, and Frank Silcox, a director in Tampa. House tells GlobeSt.com that the seller is locally based Sueba USA Corp., which will continue to manage the asset at 8383 El Mundo St. through affiliate, Southampton Management Inc.

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