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West University Center Secures $4M Loan

HOUSTON-Sage Interests uses the 19,649-sf Buffalo Westpark center near Rice University as collateral for the LaSalle National Bank loan. The 10-year loan has a sub-5.5% fixed-interest rate and 30-year amortization.

By Jennifer Brenner Andrade | Updated on April 05, 2004

HOUSTON-Sage Interests of Houston, owner of the 19,649-sf Buffalo Westpark shopping center located in the West University submarket, has secured a $3.7-million loan from a Chicago-based conduit lender, LaSalle National Bank.

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.

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