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248-Unit Complex Reaps $19M From Houston Buyer

PASADENA, TX-The class A Broadwater Apartments sells for about $18.8 million to Chancellor Properties LLC, a Houston-based investment group that secures a $15-million loan to acquire the 92% occupied complex.

By Jennifer D. Duell | Updated on May 25, 2005

PASADENA, TX-As part of its effort to rebuild its apartment portfolio, Chancellor Properties LLC has paid about $18.8 million for Broadwater Apartments, a 248-unit, class A complex in a high barrier-to-entry market. The Houston-based investment group pocketed the keys from San Antonio-based merchant developer, Embry Partners Ltd.

Chancellor Properties obtained a $15-million conduit loan from PNC Real Estate Finance to buy the 5045 Crenshaw Rd. development. The seven-year, fixed-rate loan has a sub-5.5% interest rate, according to Frank Satterfield, founder and principal of Houston-based Harbor Capital Group.

Satterfield tells GlobeSt.com that a lot of lenders were fighting to get in on the deal, but PNC Real Estate Finance was able to offer the highest loan-to-value at 80%. “We were asking for a $15-million loan and PNC was able to get there and some of the others weren’t,” he says, adding the financing closed within 90 days.

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