Albany Road Real Estate Partners Acquires Mixed-Use Property In Westlake For $66.3M
1301 Solana Blvd, Westlake, TX, USA
$66,300,000
$181/SF
Building Size
366,000 SF
Asset Type
Mixed-use
Closing
Nov 15, 2021
AI
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.
Players
Roanoke Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93