FINANCEDOffice
Life Insurance Company Provides $7.4M Loan For 63,373 SF Office Property In Spring, Houston
24624 I-45, Spring, TX 77386, USA
$7,400,000
$11/SF
Building Size
633,730 SF
Asset Type
Office
Closing
Jun 16, 2020
AI
A $7,400,000 loan was secured for a 63,373 square foot office property located at 24624 Interstate 45 in Houston. The property is situated in the Spring market. The lender for this transaction was Life Insurance Company.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $7,400,000
- Address: 24624 Interstate 45
- City: Houston
- Market: Spring
- Square Footage: 63,373
Patrick Barkley & Chad Metzger from Gantry served as the brokers representing the parties involved in this loan transaction.
Players
Houston 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
2.14%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93