A Houston-based investment group, led by Republic Capital, is the borrower, John Burke, senior director and senior vice president in the Houston office of Minneapolis-based NorthMarq Capital Inc., tells GlobeSt.com. Burke arranged a 10-year loan, with 25-year amortization, at an interest rate of about 6%. He says the loan is moderately leveraged.
The investment group bought the 1.4-acre property about a year ago, renovated it an re-tenanted the 37,533-sf office building to an occupancy of more than 90%, according to Burke. He says the borrower, an owner of medical office and retail real estate, is planning a long-term hold for the 24-year-old building, north of Midtown.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
