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129,723-SF Westway Building Lands New Loan

HOUSTON-Faison Capital Advisors retires debt assumed in the 2000 acquisition of the Concourse at Westway, a fully leased office building now acting as collateral for a $9.8-million loan with a 4.61% fixed-interest rate from Nationwide.

By Jennifer Brenner Andrade | Updated on February 08, 2004

HOUSTON-Faison Capital Advisors of Charlotte, NC has obtained a $9.8-million loan from Nationwide Insurance Co. to retire debt assumed nearly fours ago with the acquisition of the 129,723-sf Concourse at Westway office building in the 150-acre Westway Park.

Faison bought the class A structure from joint venture partners, Dallas-based Champion Partners and Houston-headquartered JA Billip Co. Jeff Knowles, director in Houston for Holliday Fenoglio Fowler LP, tells GlobeSt.com that he negotiated an early release for a non-pre-payable loan and worked out replacement financing with the Columbus, OH-based Nationwide for a five-year term with 25-year amortization. The new loan has a 4.61% fixed-interest rate and a sub-70% loan-to-value ratio.

Knowles says Faison plans to hold the building for the long term, but elected for a short term on the Nationwide package to keep options open for refinancing or a future sale. He says the two-story building at 4700 W. Sam Houston Parkway, midway between US Highway 290 and Interstate 10, has been 100% leased for some time to four tenants: Stewart Title, Nextel, Ryland Homes and P&O Nedloyd.

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