Updated Dec 4, 2024
Frost Bank Provides $25.7M Acquisition Loan For Welcome Wilson, Jr's Industrial Purchase
4666 West US Highway 90
$25,700,000
$73/SF
Building Size
352,000 SF
Asset Type
Industrial
Closing
Feb 22, 2024
About this deal
AI
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
San Antonio Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.62%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93