The buyer of record, Fondren Hawaii LLC, bought the fully leased center at 8821 Westheimer Rd. from John Baker Interests in Houston in a 30-day start to finish for a $2-million loan provided by Atlanta-based conduit lender, JPMorgan Mortgage Capital Inc., Tucker Knight, an associate director in Houston for Holliday Fenoglio Fowler LP, tells GlobeSt.com. The 10-year loan, with a sub-6.25% fixed-interest rate, has a 75% loan-to-value ratio and amortizes over 30 years. He says the loan's quick turnaround was necessary because the buyers had the property under contract when they brought the deal to the financing team.
Built in 1998, West Fondren Center is leased to Starbucks, Mattress Firm, Old Town Kolaches and AT&T Wireless. The investment group's portfolio consists of properties in Texas, Florida and the Pacific Northwest. Helping to package the loan was Casey F. Davidson, an HFF director in the Portland.
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