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Frost Bank Provides $25.7M Acquisition Loan For Welcome Wilson, Jr's Industrial Purchase
FINANCED
$25,700,000
Texas
See Similar DealsIndustrial352,000 SF
Financed 02/22/2024
FINANCED
Frost Bank Provides $25.7M Acquisition Loan For Welcome Wilson, Jr's Industrial Purchase
4666 West US Highway 90
See Similar DealsIndustrial352,000 SF
Financed 02/22/2024
Summary
TEXAS
Asset Type:Industrial
Price Per Square Foot:$73
Total Square Footage:352,000 SF
Transaction Type:Loan
The Mid City Industrial Park in San Antonio, located at 4666 West US Highway 90, comprises over 352,000 square feet of industrial space. The property was acquired by Welcome Group from Phelan Development, with one of the buildings fully leased to Electronic Data Centers, while the rest of the buildings are currently vacant.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $25,700,000
- Lender: Frost Bank
- Landlord: Welcome Wilson, Jr - Welcome Group
- Asset Size: 352,000 square feet
- Market: San Antonio
- Loan Type: Acquisition Loan
Frost Bank provided the financing of $25.7 million for Welcome Group's acquisition of the Mid City Industrial Park. Welcome Wilson, Jr, from the Welcome Group, acted as the landlord in the transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,700,000.00
Monthly NOI$171,333.33
Monthly Debt Service$162,441.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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