(To read more on the debt and equity markets, click here.)
HOUSTON-A Dallas-based company has obtained $8.8 million to payoff a seven-year-old acquisition loan on the 129,732-sf 1900 St.James Place Office Building in the Galleria submarket. The33-year-old building, which has a checkered history includingforeclosure, currently is 61% leased.
St. James Associates LP bought the class B office building on3.1 acres in 1999, three years after its second foreclosure sale."This new loan was fixed rate with less interest rate than the bankloan they'd had to buy the building," David Aaronson with Live OakCapital Ltd. in Houston, tells GlobeSt.com. The non-recourse,permanent loan has an interest rate in the mid-6% range. AmericanNational Insurance Co. of Galveston provided the loan, with LiveOak getting the servicing role.
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