HOUSTON (Feb. 25, 2020) – Berkadia announces it has arranged a long term refinance loan for Parc Binz, a Class A medical office building located in Houston’s Museum District. Senior Managing Director Cutt Ableson of Berkadia’s Houston office secured the loan on behalf of Balcor Commercial, a commercial real estate services provider based in Houston.
Principal Real Estate Investors originated a 30 year fixed rate loan.
“With Houston’s medical office market continuously expanding beyond the boundaries of the Texas Medical Center, well located assets similar to Parc Binz are primed for additional occupancy while maximizing returns,” said Ableson. “Consistent demand, coupled with a long-term life insurance company debt package from Principal provide a compelling hold period for this asset.”
Built in 2014, Parc Binz is located at 1800 Binz Street in Houston’s Museum District. Featuring 50,000 square feet throughout the property, current tenants at Parc Binz include Plaza OB-GYN Associates, Binz Surgery Center, Barnaby’s Café and the American Sinus Institute. Hermann Park is a ten-minute walk from the property and Downtown Houston is less than 10 minutes away. Important thoroughfares like South Freeway and Interstate 69 are also under 10 minutes from the property, offering access throughout the greater Houston area.