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$2M Loan Speeds 8,972-SF Retail Sale

HOUSTON-An investment group from Honolulu gets the purchasing power from JPMorgan Mortgage Capital in a 30-day loan processing by arrangers in Portland and Houston. The 10-year loan, with a sub-6.25% fixed-interest rate, has a 75% LTV.

By Jennifer Brenner Andrade | Updated on October 03, 2004

HOUSTON-A private investment group from Honolulu has acquired the 8,972-sf West Fondren Center in West Houston.

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.

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