Park Place Business Park, Stafford, TX

March 2, 2017 Comments Off on Refi Bridge Loan Secured for 93K-SF Office Views: 174 Houston-Galveston, Texas News

Refi Bridge Loan Secured for 93K-SF Office

Titan Real Estate Investment Group snagged a first-mortgage bridge loan in the amount of $5 million for the 92,864-square-foot Park Place Business Park in Stafford, TX, in the far southwest Houston metro. Hunt Mortgage Group provided the 24-month floating-rate loan for the property at 11104 W. Airport Blvd. Proceeds from the loan will refinance the existing first-lien mortgage, reimburse shareholders for recent contributions to re-tenant the property, and fund additional tenant improvements.

According to Hunt’s R.J. Guttroff, Titan Real Estate acquired the asset in 2005 as a single-tenant building, which was 100% occupied to Input/Output. But over the years, portions of the building were sublet to other users, and when Input/Output’s lease expired in 2015, the building’s occupancy dropped to 32.8%.

Occupancy is now at 62%, and “this new loan will enable the sponsor to undertake full tenant improvement,” Guttroff said.

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