The ING Investment Management Co. package has an 18-year term with a 5.55% fixed-rate interest, Tucker Knight, a director for Holliday Fenoglio Fowler LP, says. He tells GlobeSt.com that the new money retires an existing mortgage with Metropolitan Life Insurance Co. and provides capital to rehab the a three-story, 70,000-sf, class B office building in the Tanglewood area.
"This is a great little cash-flowing building," Knight tells GlobeSt.com. "It was well received within the lending community because of its location. We had interest from conduits to life insurance companies." He credits the interest from lenders to location and condition. HFF real estate analyst Allison Anderson also worked on securing the new loan.
According to Knight, Edgewood Development plans to invest roughly $500,000 to update and renovate 25-year-old building. The work calls for replacement of the roof and chillers; installation of an energy management system; update of the lobby and remodeling of restrooms; and ADA-compliant improvements.
Edgewood Development purchased 7670 Woodway in 1994 out of foreclosure. It is 83% leased to Intercapital Properties Co., Medistar Corp., Eaton Industries of Houston and L-3 Communications Corp. The quoted rent is $15 per sf.
Edgewood Development focuses on value-add office properties in Houston. The firm owns a portfolio of five office buildings and several multifamily properties.
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