March 2, 2017
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.
For comments, questions or concerns, please contact Amy Sorter
For advertising information, please contact Joni Margotta