(Read more on the debt and equity markets)and the industrial market.)
HOUSTON-A private partnership from Oklahoma City has refilled its till with $28.9 million in a refinance of a 377,750-sf build-to-suit that it bought shortly after completion. The 10-year financing has a 75% loan to value.
The flex building, situated on five acres at 5100 N. Sam Houston Pkwy., is net leased for 15 years to National Oilwell Varco. A spokesman in NorthMarq Capital Inc.'s Houston office says the new owner acquired the building with 1031 exchange money and interim debt. He says the new capital will be used to pay down the bridge loan.
John Burke, senior vice president and managing director for NorthMarq's Houston office, arranged financing through American National Insurance Co. of Galveston, TX. Terms include a sub-6.5% fixed-rate interest and 26-year amortization, according to a NorthMarq press release.
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