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Miami Investors Snag 60%-Leased Building for $6M

HOUSTON-Jaguar Investments Ltd LLP acquires One Northchase Park for $6.4 million. The new owner secures a floating rate loan with future advances to help lease up the 85,213-sf, class B office building.

By Jennifer D. Duell | Updated on July 21, 2005

HOUSTON-Attracted by the value-add opportunity, a Miami investment group has paid $6.4 million for One Northchase Park in the northwestern submarket. The 85,213-sf, class B building, sold by Caldwell Watson Real Estate Group, is 60% occupied.

Jaguar Investments Ltd. LLP secured a $4.5-million, non-recourse loan from Dallas-based Silvergate Bank to acquire the property at 4201 FM 1960 W. One Northchase Park. The three-year loan, representing 70% of the asset’s value, has a floating rate interest over Libor.

“Upon review, Silvergate Bank liked the overall dynamics of the transaction and moved toward a timely review of the property and quick closing,” Ross Lyle, vice president of Silvergate Bank, tells GlobeSt.com. The loan structure also allows a flexible prepaymentoption and future advances for leasing costs to increase occupancy.

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