Buchanan Street Secures Refi for Houston Office Asset
- Jan 22, 2020
Buchanan Street Partners has secured $20 million in refinancing for the 160,000-square-foot Sam Houston Crossing II. The debt from East West Bank includes a five-year term and a 4 percent interest rate. Yardi Matrix data shows the loan will retire an existing $17.6 million financing from Duke Realty, taken out in 2017 when the owner purchased the Houston asset.
Senior Vice President John Ream and Associate Laura Sellings from JLL’s Capital Markets represented the borrower.
Located at 10344 Sam Houston Park Drive on an 8.5-acre site, the asset is roughly 20 miles northwest of downtown Houston. The LEED-certified building was completed in 2013 and is adjacent to a dense residential area and close to a selection of dining and retail options.
According to Yardi Matrix information, the building is fully leased to T.F. Hudgins, First American Title, PEMEX Procurement International and Forum Energy Technologies Inc. The latter renewed its 108,639-square-foot lease last March.