HOUSTON--Q10 KDH has closed a $2.775 million 3-year fixed rate loan for the One Northchase Park office building located in northwest Houston. The 80s-era vintage class B office building was 50 percent occupied at closing.
“The real key for the buyer was the value he knew could be added,” Travis Fite, vice president at Q10 KDH, told GlobeSt.com. “The buyer had been looking for value-add opportunities, as are other investors, but they are sometimes difficult to find. This was an off-market deal that a broker knew would be a good fit for our buyer-borrower.”
The deal also had another unique aspect, says the firm: The funding source was a correspondent life insurance company placed through a bridge affiliate.
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