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Andy Hansen Of Swiss Burnett LLC Secures $67.54M Loan From Pinnacle Bank For Burnett Plaza

Property Image
FINANCED
$67,540,000

Texas

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Office1,030,000 SF
Financed 10/10/2024
the dealdetailscomps
Property Image
FINANCED

Andy Hansen Of Swiss Burnett LLC Secures $67.54M Loan From Pinnacle Bank For Burnett Plaza

801 Cherry Street

See Similar Deals
Office1,030,000 SF
Financed 10/10/2024
the dealdetailscomps

Summary

TEXAS
Asset Type:Office
Price Per Square Foot:$65
Total Square Footage:1,030,000 SF
Transaction Type:Loan

The asset involved in this transaction is a leasehold interest in Burnett Plaza, located at 801 Cherry Street in Fort Worth. The property is categorized as an office asset, covering a square footage of 1,030,000. The loan amount secured for this acquisition is $67,540,000.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $67,540,000
  • Address: 801 Cherry Street
  • Market: Fort Worth
  • Asset Size: 1,030,000 SF
  • Lender: Pinnacle Bank
  • Landlord: Andy Hansen - Swiss Burnett LLC
  • Loan Type: Acquisition

Andy Hansen leads the new ownership group through Swiss Burnett LLC. Following a foreclosure on the property by Pinnacle Bank, the new owner intends to invest $2.3 million into addressing deferred maintenance issues that have arisen.

Details

FINANCED
IMAGE: 10/10/2024 ADDRESS: 801 Cherry Street MARKET: Fort Worth ASSET TYPE: Office ~ SF: 1,030,000 LENDER: Pinnacle Bank LANDLORD: Andy Hansen - Swiss Burnett LLC LOAN AMOUNT: $67,540,000 LOAN TYPE: Acquisition NOTE: Swiss Burnett LLC secured $67.54 million in financing from Pinnacle Bank to acquire the leasehold interest in Burnett Plaza, Fort Worth's tallest building at 1.03 million square feet. The new owner, led by developer Andy Hansen, plans to invest $2.3 million in deferred maintenance after the property was foreclosed on by Pinnacle Bank, which had provided a loan to its previous owner.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$67,540,000.00

Monthly NOI$450,266.67
Monthly Debt Service$426,898.74
Change in Cash Flow$0.00
Refinance Proceeds$0.00