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Houston Biotech Building Subject of $16.1M Refi
Berkadia announced the financing of a 48,440-square-foot biomanufacturing facility in Houston, Texas. Sabrina Solomiany, Patrick Abeln and Mike Cerny of Berkadia secured $16.1 million in refinancing on behalf of the owner, Houston-based KC Partners.
The five-year loan featured a fixed 6.7% interest rate, 30-year amortization schedule and 65% loan-to-value ratio.
Located at 4551 Kennedy Commerce Drive, the single-tenant biomanufacturing facility is 100% leased to CellReady, a cell and gene therapy (CGT) contract development and manufacturing organization.
“Kennedy Commerce is an attractive, highly specialized biomanufacturing facility that is well-located in a top 10 MSA. Through a competitive marketing process we were able to drive significant lender interest and deliver compelling long-term financing”, said Abeln.
CellReady is specifically designed to cut two years, and millions of dollars, off the path that cell and gene therapy (CGT) companies take to acquire the meaningful clinical inflection points that investors demand.
