(Read more on the debt and equitymarkets.)
WILLOWBROOK, TX-A local developer has broken ground on a45,000-sf medical office building near Methodist WillowbrookHospital in the northwest submarket. The project, already 35%preleased, will deliver in first quarter 2008.
The developer of record, Woodwill Medical LLC, has secured $6.74million or 75% of the cost to develop the first phase of WoodwillMedical Offices along Hargrave Road, according to Paul Gardaphewith iCap Realty Advisors' Houston office. He says the three-yearfinancing's interest rate, adjusted quarterly, is 225 basis pointsover the 90-day Libor. Amegy Mortgage Co. LLC, iCap's affiliate,provided the construction loan, closing the deal in 60 days.
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