Greg Young of Houston-based Live Oak Ltd. arranged a $2-million loan with a 10-year term at a fixed-rate interest of 5.53%. New York City lender, Lehman Brothers Banks, structured the deal with a 30-year amortization.
Weaver, Davis Jacob Realty Group of Houston completed the center at 5405 Highway 6 last year. "The owners of the center originally came to me to refinance to pay off an existing construction loan," Young says, "but during the course of the financing, a New York-based 1031 buyer came in, made him and offer, and they agreed to sell it." The buyers were represented by Huntington Properties of Houston while the sellers used in-house brokers to package the transaction.
Young tells GlobeSt.com that because the buyers were looking for exactly the same amount of loan that was being processed for the original refi, "we were lucky in that regard," he says. "We had the new buyers qualified by the lender and we closed the deal."
Because of the favorability of the property, Young says "we had a very competitive set of lenders that wanted to deal with this real estate." The decision to go with Lehman Brothers Banks was made, he adds, partly because of a strong offer and partly because Lehman was a known factor for Young. "I've done several deals with them and I knew their financial abilities going into this," he says.
White Wing Centre is fully leased to local tenants. The roster contains Dry Clean Planet, Connectivity Source, EFloors and a physician.
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