Once again, we took advantage of the current favorable rate environment by securing new, long term financing and successfully de-leveraging this asset by more than 30%.
Houston, Texas (PRWEB) October 30, 2012
Younan Properties, Inc., a full-service, national real estate owner and property manager of Class A office buildings in Dallas, Houston, Los Angeles, Chicago and Phoenix, announced that it successfully completed the refinance of Younan Square in Houston's CBD. The new five-year, fixed rate loan funded on October 29.
According to Zaya Younan, Chairman and CEO, "Once again, we took advantage of the current favorable rate environment by securing new, long term financing and successfully de-leveraging this asset by more than 30%. Moreover, we were able to separately fund in reserve $3.0 million for future tenant improvements and leasing commissions to continue our efforts to increase the building's occupancy and take advantage of positive absorption in the Houston market." He added, "This latest action completes $120 million of refinancing year to date."
This latest news is further evidence that Younan Properties continues to successfully manage its long term debt through the implementation of a systematic de-leveraging strategy. To date, Younan Properties has reduced its overall portfolio debt leverage to less than 65% LTV. Younan Square is centrally located in Houston's downtown resurgence. The building at 1010 Lamar is 263,385 square feet and includes the historically noteworthy 1111 Main Garage, former home of Sakowitz Brothers.
Younan added, " The Houston downtown submarket has had continuous positive absorption and demand for downtown space remains robust . With unemployment well below the national average, we anticipate hiring will remain strong, particularly in the energy sector, and rental rates will continue to rise. "
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan's current portfolio consists of 19 office properties in five top metro markets. Younan's fully-integrated real estate investment company offers in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit http://www.younanproperties.com.