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Class A Office Building Corners $3M Loan

McALLEN, TX-A prominent owner in the Valley closes a $2.8-million refinance for a 37,841-sf, fully leased office building. The 10-year, non-recourse loan boasts a rate of 100 basis points over the 10-year Treasury.

By Jennifer D. Duell | Updated on May 04, 2005

McALLEN, TX-A prominent owner in the Rio Grande Valley has secured a $2.8-million permanent loan for a 37,841-sf, class A office building. The refinance will be used to retire a bank loan with a higher interest rate.

Jose Montalvo secured the capital for the fully leased White Summit Office Building at 3304 N. McCall Rd. from Boston-based CIBC World Markets. “Local banks have higher interest rates and can’t provide the kind of structure that we can,” says Hook Harmeling, a senior director with Dallas-based Metropolitan Capital Advisors Ltd. The loan originator says the 10-year, non-recourse package, with a 65% loan to value, closed with a rate that’s 100 basis points over the 10-year Treasury.

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