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HOUSTON-A local partnership has obtained $10 million inpermanent financing for the 162,233-sf West Oaks Plaza. The loancaps a two-year investment into a turnaround that has produced a90%-leased property.
"They wanted to take advantage of a lower interest rate," saysPaul Gardaphe, president and COO of iCap Realty Advisors in theWoodlands, TX. "The owner had leased up the space since theacquisition, got out of their acquisition loan and recouped theirinvestment dollars." Borrower of record West Oaks Plaza Ltd.refinanced the 12-year-old center at 2703 Texas 6 S. through theNew York City-headquartered Morgan Stanley Mortgage Capital.
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