FOR IMMEDIATE RELEASE
Contact: Lauren Smith
IDEA HALL
(714) 436-0855 ext. 23
lauren@ideahall.com
Buchanan Street Partners Negotiates $13.45 Million Construction Loan for a Medical Center in Texas
- Buchanan Street Partners arranges $13.45 million construction loan for Kest Investments
- The loan will fund the development of a medical center in North Richland Hills, Texas
Newport Beach, CA (August 8, 2006) - Buchanan Street Partners, a national real estate
investment bank, announced that it has arranged a $13.45 million construction loan for Kest Investments.
Kest plans to use the loan proceeds to develop an 80,000 SF medical office property in North Richland
Hills, Texas.
Buchanan Street procured a construction loan at 90 percent LTC and priced at Libor plus 160 bps with no
floor. "We were able to structure an aggressively priced, high leveraged deal with a lender who emphasizes
relationships," said Chris Dornin, Buchanan Street vice president. "Issues will inevitably arise during
construction and you want a lender who will stay flexible throughout the process."
This project, named Medical Center at Calloway Creek, is part of a larger project, which is an 85-acre
mixed-use redevelopment with shops, restaurants, fountains and bike trails. City officials have big
plans for the area and expect the redevelopment to generate $45 million in tax revenue during its first
10 years. The medical center is scheduled for completion in spring 2007 and is expected to help alleviate
the shortage of office space at the North Hills Hospital.
About Buchanan Street…
Buchanan Street Partners is a real estate investment bank that
provides real estate capital for owners and developers. The firm makes principal equity investments
for real estate in a discretionary capacity, arranges debt and structured finance, is an investment
manager to institutional and private investors, offers investment sale brokerage services, and
has a specialty in self-storage finance. Offices are located in Newport Beach, Los Angeles,
San Francisco, Chicago and Atlanta.
About Kest Investments …
Kest Investments Investments is a real estate development
company and owned by Michael Kest. Headquartered in California, Kest Investments invests in a
variety of real estate throughout the US.
