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HOUSTON-The owner of the 177-unit West Little York Mini Storage facility in northwest Houston has cleared the way for a $1-million refinancing through LaSalle Bank of Chicago.

The 8150 W. Little York Rd. property was developed in stages between 1995 and 1998. Owned by a private investor from Houston, the fully leased asset consists of mini storage units and open spaces for boat and RV storage with about 70,000 sf of surface parking.

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 Fenoglio Fowler LP, tells GlobeSt.com that he was able to close the loan quickly because the property is a “great asset” with low leverage and a waiting list of potential tenants. He says the loan-to-value ratio was 68% even though a small amount of equity was pulled from the capital infusion.

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