Michael Borden Of NorthMarq Secures $28.5M Loan From OneAmerica In Houston
FINANCED
$28,500,000
Texas
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Michael Borden Of NorthMarq Secures $28.5M Loan From OneAmerica In Houston
5460 Fm 1960, Houston, TX, 77069
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TEXAS
Transaction Type:Loan
Champions Forest Plaza is an 187,000-square-foot retail center located at 5460 Fm 1960, Houston, TX, 77069. The property was originally built in the 1960s and was 92 percent leased at the time of the loan closing, hosting tenants such as The Container Store, Gap, Ann Taylor, Starbucks, and Jos. A. Bank.
Summary of transaction details:
- Property Type: Retail Center
- Transaction Amount: $28,500,000.00
- Market: Houston
- Borrower's Representative: Michael Borden-NorthMarq
- Lender: OneAmerica
- Borrower: Smithco
- Loan Term: 15 years
- Amortization Schedule: 25 years
Matthew Franke and Ray Driver also participated in arranging the fixed-rate loan alongside Michael Borden. The financing was secured through OneAmerica, a life insurance company based in Indianapolis, specifically for the purpose of refinancing the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$28,500,000.00
Monthly NOI$190,000.00
Monthly Debt Service$180,139.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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