Office

$9,725,000 Commercial Mortgage Loan Sale

abo 123 Various, Texas United States
Asking Price Contact for pricing
N/A
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
N/A
NOI Net Operating Income N/A
Cap Rate N/A

Documents

Confidentiality Agreement
I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1983

Property Description

The collateral consists of a 6-story office building totaling 113,803 SF and an 8-story building totaling 154,957 SF. As of the most recent rent roll, the Collateral was 56% occupied. The Collateral enjoys direct access to George Bush International Airport along John F Kennedy Boulevard. The offering provides investors with the opportunity to acquire a restructured performing loan secured by a high-quality office property in a major market.

Investment Highlights

Jones Lang LaSalle has been retained by the Seller on an exclusive basis to arrange the sale of a $9,725,000 commercial mortgage loan modified performing (the “Loan”) secured by a first-lien deed of trust on the fee simple interest in a two-building, 268,760 SF office property in Houston, TX (the “Collateral”). Originated in April 2013 in the amount of $12,750,000, the Loan has been modified several times, most recently in January 2020. Under the terms of the modification, the interest-only Loan was extended to mature in March 2024. While the Loan accrues interest at 5.00%, the current pay rate is 2.00%. The rate is scheduled to step up 1.00% annually on February 1st until maturity.
Last Updated Date: 02 Feb 2021
William Sledge
Will Sledge
Senior Managing Director, Capital Markets
0008004430006
Chris Comerford
Chris Comerford
Associate
0008004430006
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Last Updated Date: 02 Feb 2021

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