HOUSTON-In an effort to streamline its debt, a local limited liability company has refinanced the 39,100-sf Diho Plaza, securing $4.9 million with a 5.65% fixed-rate interest.
Robert LaRue of Live Oak Capital Ltd. in Houston arranged the financing through the New York City-based CIBC. The 10-year loan amortizes over 30 years. The financing equals 80% of the value of the 9250 Bellaire Blvd. property.
"This is the third time Live Oak Capital has arranged financing for the property within the past 11 years," LaRue, a senior vice president with Live Oak Capital, tells GlobeSt.com. The center is 100 % leased to mainly local tenants, including Chinese Cafe, Olympic Chinese Bakery, Lai-Lai Restaurant, World Book Company and Diho Market.
Many tenants have been in the same location more than two decades. That aspect, combined with the fact that the owner, Diho Houston LLC, has been part of the original ownership since the center was constructed in 1982, made the loan placement particularly easy, according to LaRue. "Several life insurance and conduit lenders were interested in this property primarily due to the strong operating history and the fact that 70% of the tenants had been in occupancy for well over 15 years," he says.
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