FKM Partnership Ltd. secured financing from St. Paul-based Advantus Capital Management to take over the fully leased, 46,000-sf building at 5252 Westchester Atrium. "This is a nice building in a nice location with a strong operating history," says Robert LaRue, a senior vice president with Live Oak Capital Ltd. "The lender really liked those characteristics of the deal."
LaRue tells GlobeSt.com that Advantus Capital Management, formerly Minnesota Life Insurance Co. was one of several life insurance companies that were interested in financing the deal. "Advantus won the deal based on rate," he says. The company provided a 20-year, self-amortizing vehicle with a fixed rate of 5.35% on a 70% loan-to-value ratio. He says the deal marks the lender's return to the region after a long absence.
Sold by locally based Entrix Westchester Partners, the 1980s-era building houses several local tenants, including the corporate headquarters of Entrix Inc., an environmental consulting company that occupies 50% of the building. LaRue says 15% to 20% of the leases roll annually in a building with an assessed value of $3.2 million by Harris County.
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