Houston-based Kinghorn, Driver, Hough & Co. arranged the financing through Union Central Life Insurance Co., headquartered in Cincinnati. The 20-year loan carries a 20-year amortization, bearing a breakdown rate of $27.57 per sf.
The asset at 141 Manufacturing St. is situated in the Trinity Market area. "The area," explains Don R. Smith, a vice president with Kinghorn, Driver, Hough & Co. and the loan arranger, is experiencing an influx of newer properties and redevelopment for tenants catering to the designer market."
The 39-year-old building, which has the Big D Bindery as its tenant, is situated on a tract of about 57,000 sf. Its 2002 proposed assessment is $1.1 million, according to the Dallas Central Appraisal District. The lower rent and perks available in some submarkets of Dallas' south and southwest corridors have proven successful in luring smaller tenants and buyers to their inventory of older buildings.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
