Los Angeles, May 10, 2018 (GLOBE NEWSWIRE) -- Younan Properties, Inc., a commercial real estate leader completed the refinancing of three of its Houston properties – Greenbriar Place, Bridgewood I and Bridgewood II, also known as the North Belt portfolio for a total of 440,000 square feet.
According to Zaya S. Younan , Chairman and CEO of Younan Properties, it was important to find a lender that understood the Houston market and the upside potential of these particular assets. “The loan with Money360 replaces existing debt with attractive financing enabling us to de-leverage the asset by 15%, and separately fund several million dollars in reserves for future tenant improvements and commissions as we continue our efforts to improve occupancy in the portfolio.”
According to Gary Bechtel, President of Money360 , “We were able to fulfill the borrower's unique objectives by providing a loan product that meets its criteria. The refinancing allowed the borrower to replace the expired facility while maintaining profitable cash-flow. The Younan team worked closely with us to expedite the loan process and ensure a successful loan closing.”
“It was a pleasure working with Money360,” added Younan. “This is a first class lender and provided exactly what was promised. The team understands complex transactions and worked hard to deliver.”
Working on behalf of Younan Properties, Richard Perry, Vice President of Churchill Commercial Capital, placed the three-year fixed rate loan with Money360. The amount of the loan was not disclosed. Perry noted, “It was easy to place this loan with any lender because of Younan Properties’ reputation in asset management and its continuous focus on turning around assets. Also, the fact that Houston has turned the corner with the recovery in petroleum prices was another positive aspect of this transaction.”
Located along the Sam Houston Parkway E. in the Greenspoint/North Belt Submarket, Greenbriar Place, Bridgewood I and Bridgewood II offer excellent access to I-45, Beltway 8 and the Hardy Toll Road. Together, the three properties offer tenants some 440,000 square feet of office space in a suburban setting. The Greenspoint/ North Belt area is considered the primary market area of North Houston, and consistently is the preferred location of many companies, given its proximity to the Intercontinental Airport as well as ample options for residential housing in the surrounding suburban areas including Kingwood, Champions, and The Woodlands.
Houston is considered the “Energy Capital of the World,” however the economy has many drivers. It is world-renowned in science and medicine through the Texas Medical Center, the world’s largest medical center with more than 106,000 employees. It remains number one in exports through the Port of Houston and is recognized as a global hub for arts and culture. Houston is a city on the move.
Founded in 2001, Younan Properties makes principal investments and provides asset and property management services for Class A office assets in the U.S. on behalf of private, corporate and institutional investors. Through successful acquisitions and strategic dispositions, the company has assembled a fully scalable platform providing leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. Domestically, the company owns and manages commercial real estate in Chicago, Los Angeles, Dallas, Houston, Phoenix and Colorado Springs. In 2015, the Company formed the Younan Collection specializing in acquiring venues, products and services that embody the luxury lifestyle including historic chateau-hotels, golf resort properties and vineyards throughout Europe The Collection currently owns four castle hotels, three golf courses and a vineyard in the Loire Valley of France. Information at www.younancollection.com.
Denise Davis Younan Properties 818.703.9600 ddavis@younanproperties.com
