May 15, 2018
Younan Properties, Inc. refinanced three office properties in Houston, including Greenbriar Place (pictured), Bridgewood I and Bridgewood II. The suburban assets total 440,000 square feet, and are known as the North Belt portfolio.
Churchill Commercial Capital’s Richard Perry placed the three-year fixed rate loan with Money360. The amount of the loan was not disclosed.
Younan Properties’ Zaya S. Younan says, “The loan with Money360 replaces existing debt with attractive financing, enabling us to de-leverage the asset by 15% and separately fund several million dollars in reserves for future tenant improvements and commissions, as we continue our efforts to improve occupancy in the portfolio.”
Located along the Sam Houston Parkway E. in the Greenspoint/North Belt Submarket in North Houston, the properties offer access to Interstate 45, Beltway 8 and the Hardy Toll Road.
Money360’s Gary Bechtel says, “The refinancing allowed the borrower to replace the expired facility while maintaining profitable cash-flow.”
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