HOUSTON--CBRE's Debt & Structured Finance team secured $21.5 million in bridge financing for Westchase Park Plaza, a 231,787-square-foot class A office center at 11490 Westheimer Road in Houston.
Charles Foschini, Christopher Apone, Christian Lee and Amy Julian of CBRE's Miami office arranged the financing on behalf of Parmenter Realty Partners. American Capital provided the floating rate, three-year bridge loan at a 70 percent loan-to-value (LTV) ratio.
“While the steep decline in oil prices has certainly impacted the Houston office market, Westchase Park Plaza boasts a well-diversified tenant roster with only 23 percent of the property comprised of tenants with a business related to the oil industry,” Foschini told GlobeSt.com. “Additionally, the quality of the sponsorship and their commitment to the property were key drivers in the lender's desire to execute on this transaction.”
Built in 1983, Westchase Park Plaza is 71 percent leased to 15 tenants who enjoy a work environment with efficient floor plates, 24-hour security, on-site management and engineering staff, a 40-seat building conference/training facility, card-key access, and a seven-level structured parking garage.
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