Warren Hitchcock Of NorthMarq Arranges Loan For Houston Office Building
11212 Westpark Dr, Houston, TX, 77042
Building Size
—
Asset Type
Office
Closing
Nov 22, 2023
About this deal
AI
The acquisition loan was arranged for Westchase Royal Oaks, a 250,000-square-foot office building located at 11212 Westpark Dr, Houston, TX, 77042 in the Houston market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Undisclosed
- Borrower's Rep: Warren Hitchcock (NorthMarq)
- Lender: Unknown life insurance company
- Loan Structure: Five-year term with two years of interest-only payments, followed by a 25-year amortization schedule.
- Loan-to-Value Ratio: 70%
- Interest Rate: 3.75% fixed
Warren Hitchcock from NorthMarq facilitated the loan for the acquisition of the office building. The borrower and the direct lender involved in the transaction have not been disclosed.
On the Map
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93