{"id":1004175782,"date":"2017-05-09T06:51:39","date_gmt":"2017-05-09T14:51:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004175782"},"modified":"2022-12-08T00:34:02","modified_gmt":"2022-12-08T08:34:02","slug":"houston-office-asset-lands-8m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/houston-office-asset-lands-8m-refi\/","title":{"rendered":"Houston Office Asset Lands $8M Refi"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004175783\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/jacobs.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004175783\" data-attachment-id=\"1004175783\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/houston-office-asset-lands-8m-refi\/jacobs\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/jacobs-e1494320711880.png\" data-orig-size=\"671,464\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2224 Bay Area Drive in Houston\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;2224 Bay Area Drive in Houston&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/jacobs-e1494320711880.png?w=671\" loading=\"lazy\" class=\"wp-image-1004175783 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/jacobs-e1494320711880.png\" alt=\"2224 Bay Area Drive in Houston\" width=\"300\" height=\"207\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/jacobs-e1494320711880.png 671w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/jacobs-e1494320711880.png?resize=300,207 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004175783\" class=\"wp-caption-text\">2224 Bay Area Drive in Houston<\/p><\/div>\n<p>Grandbridge Real Estate Capital has arranged a $7.8 million refinancing for a Houston-area, 138,633-square-foot office asset, also known as the Jacobs Building. The owner is a sovereign wealth fund operated by the Republic of Nauru\u2013the world\u2019s smallest island nation\u2013in the South Pacific. With just under 10,000 inhabitants, Nauru\u2019s government developed Nauru Phosphate Royalties Trust to invest proceeds from a state-owned mining company.<\/p>\n<p>Vice President Adam Lipkin of Grandbridge\u2019s Miami team worked with the trust\u2019s asset manager, Ben Jacobson of Blackstone Consulting LLC, to secure the 18-month loan. According to public records, Keystone Real Estate Lending Fund LP provided the mortgage that refinances a previous $6.2 million bridge loan, also arranged by Lipkin in late 2015.<\/p>\n<p><em>\u201cWhile conventional lenders are understandably challenged and conservative with terms these days, there are viable and creative lending options out there,\u201d<\/em> said Lipkin in prepared remarks.<\/p>\n<p>Located at 2224 Bay Area Drive in the Clear Lake submarket of Houston\u2013where a <a href=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-65m-loan-for-west-houston-office-asset\/\">LEED-certified office property<\/a> received $65 million in financing earlier this year\u2013the six-story building is mostly occupied by Jacobs Technology, a wholly owned subsidiary of publicly traded NASA contractor Jacobs Engineering Group. Jacobs provides technical, professional and construction services to industrial, commercial and governmental clients.<\/p>\n<p>The Trust hired the Miami-based asset management firm founded by Jacobson to assist with numerous challenges and improve overall returns and the marketability of the asset. Within the last 18 months, Jacobson solved prior management issues, renegotiated and extended the lease term and improved operations and returns.<\/p>\n<p><em>\u201cThere aren\u2019t many creative, outside-the-box commercial financing options, especially not for foreign-based borrowers,\u201d<\/em> Jacobson noted in a prepared statement.\u00a0<em>\u201cWe worked together to ensure the eventual lender would be thrilled to underwrite this asset in a strong office submarket,\u201d <\/em>he added.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A crowdfunding real estate platform originated the 18-month mortgage to improve the overall returns and marketability of the property.<\/p>\n","protected":false},"author":240,"featured_media":1004507886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1589,21742,21747],"tags":[34574],"class_list":["post-1004175782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-houston","category-latest","category-office","tag-grandbridge-real-estate-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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