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
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