|Loan Type||Cash-out Refinance|
|Property Type||Office/Flex Warehouse|
|Location||The Woodlands, TX|
Special Conditions & Comments
This was a nonrecourse CMBS cash-out refinance. Loan terms: 5.17% fixed rate, 10 yr balloon, 30 yr amortization, $250,000 holdback for TILC reserves. The challenge in this transaction was the high concentration of near-term rollover due to the high number of short term leases.
This single loan was collateralized with two (2) office/flex warehouse properties located about 1 mile apart. The borrower’s local bank was not willing to provide any additional cash-out proceeds on his existing loan that was needed for a new ground-up project. With this new loan the borrower was able to pull out an extra $1,000,000 in cash-out proceeds over and above his existing loan with a local bank.
Magnolia Technology Park is a class A office/flex warehouse built between 2012 – 2015. The other property referred to as Tamina Office Park is a class A office warehouse and was built in 2010.