Berkadia has arranged $21.9 million in financing for One Sugar Creek Center, the Comerica Bank Building, in Houston, Texas.
The fixed-rate loan was secured by senior directors Corby Chaffin and Steve Comly of Berkadia’s Houston and Philadelphia offices, respectively, through a relationship with a life insurance company. The seller was represented by Jared Chua and Bernard Branca of CBRE’s Investment Properties – Institutional Group in Houston.
Berkadia originated the financing for Equus Investment Partnership IX LP, a discretionary fund managed by Equus Capital Partners Ltd.
The deal is the first in the Houston market for Equus, which is looking to buy additional buildings.
Built in 1983, the 193,988-square-foot, 11-story building sits on 4.5 acres at 1 Sugar Creek Center Boulevard. At the time of the closing, the property was 89 percent occupied.
Berkadia is a third-party commercial mortgage servicer, as well as an approved lender for Fannie Mae, Freddie Mac, and HUD/FHA. The company was among the top Freddie Mac and Fannie Mae multifamily lenders for 2013.
Berkadia was founded in 2009 as a 50/50 joint venture between Berkshire Hathaway and Leucadia National Corporation.
© 2015 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.