Houston, Texas (PRWEB) October 04, 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 secured a new loan on Younan Place in Houston's Westchase District. The new five-year, fixed rate CMBS loan was closed on October 3.
According to Zaya Younan, Chairman and CEO, "The original loan on the property was paid off in March of this year. We were able to take advantage of the current favorable rate environment by securing the new CMBS financing and successfully deleveraging this Class A asset from 80% to 65%. The new financing provides us additional resources for leasing and capital improvements. "
This latest news is further evidence that Younan Properties is successfully meeting its goal of refinancing its portfolio with long term debt as it continues to deleverage the overall portfolio. Younan Place is located in the master-planned Westchase District. Its location near the Galleria, makes it one of Houston’s fastest growing business districts. The 11-story Class “A” building is 211,125 square feet and currently is 82% leased.
Younan added, "Houston’s net positive absorption in the second quarter of 2012 was recorded at 2.0 million square feet. Year to date overall vacancy has declined to 11.3% , down from 12.4% one year earlier. The Houston Westchase submarket posted 137,503 square feet in positive absorption last year. With no new construction underway, office buildings in the Westchase District are poised to see occupancy growth over the next three years. "
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 is a fully-integrated real estate investment company with 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.