Location: Sugar Land, TX
Property Type: Retail
Transaction Type: First Mortgage
Loan Amount: $4,050,000
Details: White Plains, NY – Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors (“Q10NY”), is pleased to announce the closing of a $4.05 million first mortgage loan on a free-standing Best Buy store located in Sugar Land, TX (Suburban Houston). The property is highly visible from and has convenient access to I-69 (Southwest Freeway), a heavily trafficked thoroughfare that connects Sugar Land to Houston. The loan was originated and placed by Jeanne Cronin with a TX bank. The fixed-rate loan was written for a term of 10-years with the borrower having the option to extend the term for an additional 5 years. The lender fixed the interest rate at 4.75% for the full 10-year term.
The property is owned and managed by a Midwest-based real estate family with an extensive portfolio of credit and non-credit single tenant properties. The lease with Best Buy expires during the term of the loan but has several renewal options. As per Cronin, “although the tenant does not report sales, the lender recognized the strength of the location and the tenant’s long-term commitment to this store having recently spent a substantial amount of its own money upgrading the property.”
More Info: Jeanne Cronin at 914-694-6070 or