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Granite Buys Houston Office Asset With $22M Loan

HOUSTON-Lend Lease has found a taker for its 363 North Belt Parkway, which went on the market in February for $36 million. Granite takes out a five-year loan to push the acquisition of the 386,277-sf office property.

By Jennifer Brenner Andrade | Updated on August 26, 2002

HOUSTON-Dallas-based Granite Properties has used a $22-million loan to acquire 363 North Belt Parkway, a 386,277-sf class A office property in Houston. The loan was arranged by the Houston office of Holliday Fenoglio Fowler, which was hawking the property on behalf of Australian REIT Lend Lease.

Holliday Fenoglio Fowler’s players for the financing, Cortney R. Cole and H. Scott Galloway, did not respond to numerous telephone calls for comment by press time. Lend Lease, which acquired the asset in 1999, put the property on the market in February at an asking price of $36 million.

According to yesterday’s Holliday Fenoglio Fowler press release, Granite Properties leveraged a five-year, adjustable-rate loan with the asset. Nationwide Life Insurance Co. provided the capital.

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