IPA Arranges Acquisition Loan for Four Houston Industrial Properties
IPA Capital Markets (IPA)has arranged a $17.6 million loan for the acquisition of a 229,775-square-foot portfolio of four industrial properties in Houston, Texas and one in Cedar Rapids, Iowa.
IPA’s Frank Montalto led a team that secured the loan on behalf of the client.
The properties are:
· 1612 Southcreek Lane, Houston
· 1616 Southcreek Lane, Houston
· 19350 E. Hardy Road, Houston
· 44551 E. Richey Road, Houston
· 5265 Rockwell Drive, NE, Cedar Rapids
“Portfolio financing in different markets is a challenge for local lenders in any economic environment, but our team was able to leverage our longstanding local bank relationships to execute and close the deal as quoted,” said Montalto. The five-year loan features a 6.08% interest rate, 25-year amortization and a 65% loan-to-value.