The securitized loan has a sub-5.5% fixed-interest rate, 10-year term and 30-year amortization schedule. Wally Reid, managing director in Houston for Holliday Fenoglio Fowler LP tells GlobeSt.com that the deal closed with a low leverage. He says LaSalle National Bank offered aggressive economics as well as a time schedule for completing the loan that met the borrowers requirements.
Sage Interests is the commercial real estate arm for Lovett Homes of Houston and owns many other retail properties in town. According to Reid, Sage developed the property in 2001 and is planning to hold the asset for the long term. The center is fully occupied by tenants such as Pei Wei Asian Diner, Kinko's and Berry Hill Tamales. Reid says the property is located near a Kroger grocery store.
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