Berkadia has recently announced the successful financing of a biomanufacturing facility in Houston, Texas. The 48,440-square-foot property was secured by Sabrina Solomiany, Patrick Abeln and Mike Cerny on behalf of the owner, KC Partners based in Houston. The refinancing totaled $16.1 million.
The loan had a fixed interest rate of 6.7% for five years with a 30-year amortization schedule and a loan-to-value ratio of 65%. Located at 4551 Kennedy Commerce Drive, this single-tenant facility is fully leased to CellReady , an organization specializing in cell and gene therapy (CGT) contract development and manufacturing.
Abeln stated that Kennedy Commerce is an exceptional biomanufacturing facility situated in one of the top ten MSAs (metropolitan statistical areas). Through competitive marketing efforts, they were able to generate significant interest from lenders resulting in favorable long-term financing options for their client.
CellReady’s mission is to expedite the process for CGT companies looking to reach important clinical milestones that investors require by reducing two years off their timeline as well as saving millions on costs.
In summary: Berkadia successfully financed a biomanufacturing facility located at 4551 Kennedy Commerce Drive in Houston through securing $16.1 million on behalf of owner KC Partners. This five-year loan features attractive terms such as fixed interest rate at 6/7%, long-term repayment schedule over thirty years with only sixty-five percent LTV ratio making it highly desirable among lenders due its location within top ten MSA area according Patrick Abeln who led negotiations along Sabrina Solomiany & Mike Cerny while representing Berkadia team; meanwhile tenant CellReady specializes exclusively towards helping CGT firms achieve crucial clinical goals faster than usual which results into substantial savings both time-wise & financially – something acknowledged openly during recent press release titled “Houston Biotech Building Subject of $16.1M Refi” by Connect CRE.
