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2102 TX-114, Southlake, TX ...

Medici Development Partners, LLC Secures Loan For Southlake Office Property With Happy State Bank & Trust
FINANCEDOffice

Medici Development Partners, LLC Secures Loan For Southlake Office Property With Happy State Bank & Trust

2102 TX-114, Southlake, TX 76092, USA

Building Size

67,570 SF

Asset Type

Office

Closing

May 27, 1920

AI

Medici Development Partners, LLC has secured a loan for an office property located at 2102 East State Highway 114 in Southlake. The transaction took place on May 28, 2020. The property, situated in the Southlake market, is characterized by its office space usage.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: Not mentioned
  • Address: 2102 East State Highway 114
  • Market: Southlake

JLL Capital Markets, represented by De’On Collins and Steve Heldenfels, acted as the broker for the deal. Happy State Bank & Trust, led by J. Pat Hickman, served as the lender for the transaction. Medici Development Partners, LLC, with Jeffrey Medici as the representative, acted as the borrower.

Players

DeOn Collins

Broker

$202.9M

vol

3 deals

Broker
Happy State Bank
Happy State BankLender

Southlake Office Market Snapshot

Boundary boundary · Office · Loan transactions

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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