Younan Properties Completes Another Successful Refinancing of Class "A" Houston High Rise;
Major Renovation Planned for Younan Tower
Houston, September 19, 2013 ---Younan Properties, Inc., a full-service, national real estate owner and property manager of Class A office buildings in Dallas, Houston, Los Angeles, Chicago and Phoenix, announced that it successfully completed the refinance of Younan Tower in Houston. The new five-year, fixed rate loan funded on September 6 by lender ReadyCap Commercial, LLC, of Irvine, CA.
According to Zaya S. Younan, Chairman and CEO, "Once again, we successfully worked with ReadyCap to access the current rate environment and take advantage of favorable terms and lock in long term debt for this asset. This new financing provides us with additional resources for capital improvements, leasing, and tenant improvements. Recently, we announced a major capital program to further upgrade the asset, which will include lobby and elevator renovations, lighting enhancements and garage upgrades. Together, these projects and enhancements serve to underscore Younan Tower's position as a Class A, premier office property."
Younan Tower is a 10-story, Class A office property with 165,094 square feet, strategically located in the Northbelt submarket and has served as corporate headquarters for several Fortune 500 companies. The distinctive exterior is comprised of high-performance, tinted glass panels and landscaped outdoor amenities for tenants include an abundance of green space and a fully-stocked Koi pond. The lobby features granite and marble flooring and walls. The building offers a seven-level parking garage, abundant surface parking, full service cafe, 24/7 security and after-hours card key access.
Younan added, " The Houston market continues to outpace the nation in employment, low cost of living and opportunity. With overall market vacancy hovering at 9%, Houston's office market remains one the healthiest in the nation. Younan Tower is especially attractive to tenants who desire an amenity-rich, Class A building in a vibrant, gateway submarket."
Joel Covington, VP CRE Lending - Greater Los Angeles for ReadyCap, managed the transaction. "Once again, ReadyCap and Younan Properties executed a seamless transaction in record time. As a long-time owner in Houston, Younan understands the market dynamics of Houston. We are pleased Younan Properties has chosen ReadyCap as its financing partner."
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan's current portfolio consists of 19 office properties in five top metro markets. Younan's fully-integrated real estate investment company offers in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com.
Contact: Denise Davis