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
About this deal
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.
The office loan at 24624 I-45, Spring, TX 77386, USA in Houston, Texas financed for $7.4M in 2020. The building is 633,730 square feet, implying about 11 per square foot on the published price. Patrick Barkley, Chad Metzger, Gantry appear on the loan alongside Gantry. This page is the Houston, Texas file for the 24624 I-45, Spring, TX 77386, USA office financed: pricing, party profiles, and other closed office comps from the same Houston sit in the Market section below. Filter that Houston office set by closing date to see what else financed near 24624 I-45, Spring, TX 77386, USA around 2020. Published consideration for 24624 I-45, Spring, TX 77386, USA is $7.4M, dated 2020. Cite this Life Insurance Company Provides $7.4M Loan For 63,373 SF Office Property In Spring, Houston loan when underwriting similar office product around Houston, Texas.
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