Brookfield Properties Secures $470M CMBS Loan For Houston Office Portfolio
500 Dallas Street, Houston, TX, USA
$470,000,000
$213/SF
Building Size
2,200,000 SF
Asset Type
Office
Closing
Mar 16, 2021
About this deal
AI
The office property located at 500 Dallas Street & 333 Clay Street in Houston has been involved in a closed transaction. The property spans a total of 2,200,000 square feet and was part of a loan deal.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $470,000,000
- Market: Houston
- Landlord: Brookfield Properties - Brian Kingston
- Lender: Barclays & Citigroup
The loan for this property amounted to $470,000,000 and was secured from Barclays and Citigroup. The loan terms were set as a two-year, interest-only and floating-rate, commercial mortgage-backed securities (CMBS) loan, which included three one-year extension options.
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
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93