Search
 

$4M Refinances Mini-Storage Property

HOUSTON-The 512-unit A-Alamo Mini Storage at 7017 Almeda Road stands as collateral for a $3.6-million loan with a flexible pre-payable component, key to the deal between a Houston borrower and Southern National Bank of Texas.

By Jennifer Brenner Andrade | Updated on April 02, 2004

HOUSTON-The A-Alamo Mini Storage, with 512 units in the southwest submarket is collateralizing a $3.6-million loan from Southern National Bank of Texas.The 7017 Almeda Road property near the Medical Center was developed in 1999. The 52,000-sf self-storage asset is 94% leased. Wallace Reid, managing director with the Houston office of Holliday Fenoglio Fowler, tells GlobeSt.com that the Houston borrower got a 5.75% fixed-interest rate for a five-year term with a 25-year amortization. Reid says the retired debt and the new capital were not highly leveraged vehicles.”Our client chose Southern National Bank because of their flexibility for prepayment and understanding of the transaction,” Reid said in a press release, adding the transaction opens the door to a possible sale down the road with the pre-payable structuring.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.