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Mixed-Use Project Takes on $5M Mortgage

SUGAR LAND, TX-Wells Fargo Bank provides a $5.2 million permanent loan to Weaver, Davis & Jacob Realty Group to pay off a construction loan on Lexington Square, a 42,493-sf office and retail development. The loan offers a fixed interest rate of 5.37% over a 10-year term with an earn-out structure.

By Jennifer D. Duell | Updated on February 24, 2005

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SUGAR LAND, TX-Local developer and owner Weaver, Davis & Jacob Realty Group has secured a $5.2 million permanent loan from Wells Fargo Bank to pay off the construction loan on Lexington Square, a year-old 42,493-sf retail and office development. The 10-year loan has a fixed interest rate of 5.37% amortized over 20 years.

Moreover, the loan offers an earn-out structure for the property, which means that Wells Fargo provided a loan based on the value of the property once it has reached lease up, Greg Young, a producer with Houston-based Live Oak Capital,tells GlobeSt.com. He and colleague Jim Kirkpatrick arranged the loan.

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