St. Joseph Plaza Covering $3M Loan

HOUSTON-A $3.3-million loan from National Life Insurance Co. of Vermont has replaced short-term financing from a local bank for the St. Joseph Medical Plaza at 2101 Crawford St. near St. Joseph Hospital in Houston’s downtown.

A Houston-based investment group, led by Republic Capital, is the borrower, John Burke, senior director and senior vice president in the Houston office of Minneapolis-based NorthMarq Capital Inc., tells GlobeSt.com. Burke arranged a 10-year loan, with 25-year amortization, at an interest rate of about 6%. He says the loan is moderately leveraged.

The investment group bought the 1.4-acre property about a year ago, renovated it an re-tenanted the 37,533-sf office building to an occupancy of more than 90%, according to Burke. He says the borrower, an owner of medical office and retail real estate, is planning a long-term hold for the 24-year-old building, north of Midtown.