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$2M Loan Funds White Wing Centre Sale

MISSOURI CITY, TX-Just as the developer is chasing permanent financing for the one-year-old, fully leased, 8,625-sf center, a 1031 exchange investor from New York puts in an offer to buy it.

By Amy Wolff Sorter | Updated on September 15, 2005

MISSOURI CITY, TX-A Houston developer has sold the 8,625-sf White Wing Centre to a New York-based investment group, which placed an offer while a refinancing was working its way through the process.

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.

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