X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-VIP Investment No. 5 has secured two separate loans totaling close to $5.5 million for a refinance of the 221,954-square-foot Harwin Business Center. The borrower, which received financing from Southern Farm Bureau Life Insurance Co., is using the funding to retire a maturing loan on the office building.

Tip Strickland, vice president with Grandbridge Real Estate Capital LLC’s Houston office says the owner has owned the multi-building asset at 7540-7596 Harwin Dr. for more than 15 years. That, coupled with the asset’s strong track record, helped ease the search for financing, says Strickland, who arranged the loans.

The five-year loans are structured at a 6% interest rate and 25-year amortizations. Strickland says two were structured, in the event that the owner wanted to sell one of the buildings down the road. Right now, however, VIP Investment No. 5 will hang onto the 1970s asset.

“The property has operated very well, with 90-plus occupancy,” Strickland adds. “That, and the sponsorship, brought a lot of credibility to the deal.” He says several lenders were interested in the project, but ultimately, a previous relationship with the Birmingham, AL-based financer was the deciding factor.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.