Matthew (Matt) Bronstein Represents Borrower In Houston Office Loan%@3322 Richmond Ave
3322 Richmond Ave, Houston, TX, 77...
Building Size
—
Asset Type
Office
Closing
Nov 20, 2023
About this deal
AI
The property involved in this transaction is an 18,000-square-foot office building located at 3322 Richmond Ave in Houston's Greenway Plaza submarket. The building is situated in the Houston market, which is known for its commercial real estate opportunities.
Summary of transation details:
- Property Type: Office
- Transaction Amount: Undisclosed
- Address: 3322 Richmond Ave, Houston, TX
- Market: Houston
- Borrower: M-K-L Properties
- Borrower's Representative: Matthew "Matt" Bronstein
- Lender: Unknown life insurance company
Matthew Bronstein of NorthMarq played a crucial role in arranging the refinancing of the property. The funds were sourced from an undisclosed life insurance company on behalf of the borrower, M-K-L Properties, facilitating this significant transaction within the Houston office market.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93