Real estate investment and merchant banking firm Aztec Group Inc. has arranged $7 million in acquisition financing for Westchase Corporate Park — a 177,000 sq. ft. business park in Houston —on behalf of buyer AF Westchase LLC.
Basis Investment Group, a New York-based conduit lender, funded the five-year, fixed-rate loan that carries a 30-year amortization schedule. The interest rate was not disclosed.
Westchase Corporate Park includes 13 small bay office and flex buildings located near many of Houston’s primary roadways, major business districts and high-end residential communities. Westchase’s tenant base includes more than 100 tenants, and the occupancy rate of the business park is 85%.
AF Westchase paid $9.8 million to purchase Westchase Corporate Park in a
AF Westchase is a joint venture between Adler Real Estate Fund and TriGate Capital. The Adler Real Estate Fund is a closed-end discretionary fund managed by the Miami-based Adler Group. TriGate Capital is a national real estate private equity firm based in
The Adler Group’s expertise in the leasing and management of multi-tenant properties will be the key to maximizing the asset’s value, according to Matthew L. Adler, chief investment officer for the Adler Group.
“We believe that proactive, on-site property management, building strong tenant relationships, and investing in property improvements allows us to unearth a property’s true value,” says Adler.
“Westchase Corporate Park has the right mix of prime location, a successful leasing track record, stable tenant roster and quality product offerings that we will capitalize on to properly manage the asset and generate a revenue stream that further enriches its value,” adds Adler.
Founded in 1981, the Miami-based Aztec Group specializes in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs and commercial developers as well as offshore clients.