Tucker Knight, associate director in Houston for Holliday Fenoglio Fowler LP, arranged the financing for 2020 Fry Road. He tells GlobeSt.com the loan has a 78% loan-to-value ratio and a sub-6% fixed-interest rate. The vehicle is a five-year loan with a 25-year amortization and includes a five-year extension option. According to Knight, the borrowers, 2020 Partnership of Houston, wanted to refinance the property for more flexible terms, reset the interest rate and get a non-recourse loan.
The fully leased retail plaza is leased to Dapper Dan Cleaners, Great Clips, Village Pizza and State Farm Insurance. Rent averages $16 per sf.
The holding sits in an area developed in the early 1970s and it's still growing. "There is a large amount of new construction and development," Knight said in a press release.
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