New Loans Lined Up For Texas Medical Office Buildings
The owners of two recently built medical office buildings in Sugar Land and the Museum District have refinanced the properties.
American Commercial Contractors obtained a $16.1 million loan to refinance Sugar Land Physicians Center, a 56,063-square-foot medical office building at 7616 Branford Place in Sugar Land.
1of2American Commercial Contractors obtained a $16.1 million bridge loan to refinance Sugar Land Physicians Center, a 56,063-square-foot medical office building at 7616 Branford Place in Sugar Land. CBRE arranged the loan. (PHOTO CREDIT: CBRE)
Dana Summers, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek of CBRE arranged the three-year loan from Money360. The three-story building was built in 2014 near several hospitals, including CHI/St. Luke’s, Methodist and Memorial Hermann.
“The borrower needed to refinance a bridge loan that was coming due, but the property was not in a position for a permanent loan,” Dana Summers of CBRE said in an announcement. “Although occupancy history and stabilization of the property were in flux, our team was able to secure an interim capital solution that would bridge the borrower for a short-term period until permanent financing is placed.”
2of2Houston-based Balcor Commercial obtained a 30-year loan from Principal Real Estate Investors to refinance the 50,000-square-foot Parc Binz building at 1800 Binz St. Berkadia arranged the loan.(PHOTO CREDIT: Berkadia)
In the Museum District near Hermann Park and the Texas Medical Center, Balcor Commercial secured a 30-year loan to refinance the 50,000-square-foot Parc Binz building at 1800 Binz St. Balcor is a Houston-based commercial real estate services provider.
Cutt Ableson of Berkadia secured the 30-year, fixed rate loan through Principal Real Estate Investors. Terms were not disclosed.
“With Houston’s medical office market continuously expanding beyond the boundaries of the Texas Medical Center, well-located assets similar to Parc Binz are primed for additional occupancy while maximizing returns,” Ableson said in an announcement. “Consistent demand, coupled with a long-term life insurance company debt package from Principal provide a compelling hold period for this asset.”
Source: Houston Chronicle
