Wall Street Bank approves $16.5M Refinance for Westway, Pineway and Katy Business Parks

Wall Street Bank UBS recently approved permanent refinance for Westway, Pineway and Katy Business Parks, three important assets in which Houston Equity Partners has equity ownership. It is expected that the refinance will free up significant cash to distribute to investors after three assets appraised approximately ~30% north of the original acquisition cost basis entered at during 2017.

On average all three properties recently reached a ~95% occupancy level amid a ~25% rent revenue increase completing a two year value add program.

"Houston Equity Partners Management is pleased with the results of the capital improvements carried out at Westway, Pineway and Katy by our development partner Megacenter US. Investments in reducing unit sizes allowed to capitalize on an under-served market of under 2500 square feet in the energy corridor, Katy and Hempstead Road sub markets. The good lease-up momentum left the assets well positioned for this cash out refinance planned for 2019".
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