Chicago-based life insurance company lender, PPM Worldwide, is providing the financing. The two business centers total 153,500 sf and are owned by borrower Westway Business Center Inc., an entity of Dallas-based pension fund adviser, Invesco Realty Advisors. Susan Hill of the Houston office of Holliday Fenoglio Fowler arranged the three-year term, adjustable-rate financing for the borrower.

Hill tells GlobeSt.com that the original loan was rolled into a short-term refinancing, without extending the closing date, as it neared its maturity date. PPM was the original lender. "The financing is 200 basis points over the 90-day LIBOR, and has a locked prepayment for 12 months par thereafter," says Hill. The borrowing entity also did not take out any extra cash against the properties in the process, she says.

Westway Business Center has 62,210 sf in two office-service buildings. The complex is located at the northwest corner of West Sam Houston Parkway and Hammerly. The property is 100% occupied, with TRC Environmental as the anchor tenant.

The 91,289-sf Westport Business Center located at Portwest Drive just south of Old Katy Road near the Interstate10 and Texas 290 interchange. The three flex buildings are 38% leased. Two leases are under negotiation and could strip another 36,000 sf from its unused space.

Invesco purchased the business centers from Chicago-based Transwestern Investment Co, LLC in July 1999. Invesco's industrial real estate parameters include only projects or portfolios valued in excess of $5 million and space criteria above 100,000 sf. The investment manager has at least 37 properties in its portfolio.