February 27, 2020
American Commercial Contractors LLC secured $16.1 million in bridge financing for the 56,063-square-foot Sugar Land Physicians Center on the Houston metro’s southwest side. Money360 provided the three-year loan, which offered a flexible prepayment.
“The borrower needed to refinance a bridge loan that was coming due, but the property was not in a position for a permanent loan,” said Dana Summers with CBRE. Summers and CBRE colleagues Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek, arranged the financing.
“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 was placed,” Summers added.
Sugar Land Physicians Center delivered in 2014, and is at 7616 Branford Pl. in Sugar Land, TX. The three-story building offers medical and office space, proximity to several hospitals, and a dedicated parking garage.
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