The 8150 W. Little York Rd. property was developed in stagesbetween 1995 and 1998. Owned by a private investor from Houston,the fully leased asset consists of mini storage units and openspaces for boat and RV storage with about 70,000 sf of surfaceparking.
The refinance package carries a 5.76% fixed-rate interest,five-year term and 25-year amortization schedule. Tucker Knight,associate director with the Houston office of Holliday FenoglioFowler LP, tells GlobeSt.com that he was able to close the loanquickly because the property is a "great asset" with low leverageand a waiting list of potential tenants. He says the loan-to-valueratio was 68% even though a small amount of equity was pulled fromthe capital infusion.
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