Albany Road Real Estate Partners Acquires Mixed-Use Property In Westlake For $66.3M
FINANCED
$66,300,000
Texas
See Similar DealsMixed-use366,000 SF
Financed 11/15/2021
FINANCED
Albany Road Real Estate Partners Acquires Mixed-Use Property In Westlake For $66.3M
1301 Solana Blvd, Westlake, TX, USA
See Similar DealsMixed-use366,000 SF
Financed 11/15/2021
Summary
TEXAS
Asset Type:Mixed-use
Price Per Square Foot:$181
Total Square Footage:366,000 SF
Transaction Type:Loan
Located at 1301 Solana Blvd in Westlake, this mixed-use property spans a total of 366,000 square feet. The transaction took place on November 15, 2021.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $66,300,000
- Address: 1301 Solana Blvd
- Market: Westlake
- Asset Type: Mixed-use
- Square Footage: 366,000
The lender for this acquisition loan was CBRE Investment Management, represented by Nick Ito. The borrower, Albany Road Real Estate Partners, was represented by Merrick Egan. The deal was facilitated by Cullen Aderhold from JLL.
The loan amount was $66,300,000, and it was categorized as an acquisition loan. The terms of the loan included a floating-rate with an initial term of three years, which could be extended for an additional two years.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$66,300,000.00
Monthly NOI$442,000.00
Monthly Debt Service$419,061.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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