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| Peter Dunn |
HOUSTON, TX, May 14, 2013 – Marcus & Millichap Capital
Corporation (MMCC) has arranged the $16.4 million refinance of a 125,000-square
foot medical office building in Houston.
Peter
Dunn, a senior director in MMCC’s Houston office, arranged the loan.
“The
property was severely damaged by Hurricane Ike in 2008 and then completely
abandoned,” says Dunn. “The borrower purchased the property in March 2012 with
the intent of completely rehabilitating it and converting it to a medical
office building.”
“The
client, an experienced general contractor who had recently expanded his skill
set and was acting as both the contractor and developer of the project,
requested a traditional construction loan with maximum leverage on a non-recourse
basis,” says Dunn.
“We were able to secure a non-recourse bridge loan at a
floating rate of 9.56 percent with an 80 percent LTV that will convert to a
permanent, 10-year, fixed-rate CMBS loan at stabilization.”
“This
asset came with an unusual set of circumstances that required a specialized
loan structure,” adds Dunn. “We sourced a lender that that was able to handle
this type of ‘all-in-one’ loan and worked to make sure that our client
understood the underwriting every step of the way.”
“Houston’s strong economy supports retrofitting opportunities across all
product types,” concludes Dunn. “Bridge lending will continue here for at least
the near-to-short term.”
For a complete copy
of the company’s news release, please contact:
Ben Johnson
Marketing Director
(925) 953-1736
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