"By refinancing and paying off the line of credit for three of our properties, we were able to acquire Mitchelldale Business Park diversify our portfolio and bring more value to our investors," says CEO, Al Hartman.
Houston, Texas (PRWEB) October 08, 2014
Hartman Short Term Properties XX, Inc., an affiliate of Hartman Income REIT, a Houston based Real Estate Investment Trust, announced the $49,725,000 financing for a 4-property office, retail and industrial portfolio totaling 846,490 square feet in the Dallas and Houston markets.
HFF’s Dallas Mortgage brokerage team of Steve Heldenfels and Jim Curtain represented Hartman to secure a 10-year, 4.61 percent, fixed-rate loan with Voya Investment Management (formerly ING Investment Management). Loan proceeds were used to pay off an existing short-term line of credit on three of the properties (Bent Tree Green, Cooper Street Plaza, Richardson Heights Shopping Center) and provide acquisition funding for another property (Mitchelldale Business Park).
"By refinancing and paying off the line of credit for three of our properties, we were able to acquire Mitchelldale Business Park diversify our portfolio and bring more value to our investors," says CEO of Hartman Short Term Income Properties XX, Inc. LLC, Al Hartman.
HFF’s Industrial Investment Sales Team of Rusty Tamlyn, CCIM, Tucker Knight and Trent Agnew in Houston simultaneously facilitated the sale of Mitchelldale Business Park on behalf of Falcon Southwest. Dave Wheeler, Julian Kwok, CCIM and Russell Turman represented the buyer Hartman Mitchelldale Business Park LLC in the transaction.
HARTMAN INCOME REIT’S EXISTING PORTFOLIO
Hartman Income REIT and its affiliates, headquartered in Houston, Texas, comprised $385,000,000 of Commercial Real Estate Investment Trusts which owns and/or manages 38 properties and 5,415,000 square feet of office, industrial and retail space. Our properties are located in Houston, Dallas and San Antonio, Texas. For more information, please contact Dave Wheeler, at 214-432-3706.
Holliday Fenoglio Fowler, L.P. and HFF Securities L.P. are owned by HFF, Inc. HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated dw capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.