Janover Secures Houston Office Refinance
397 Sam Houston Parkway
Despite struggles facing office landlords nationwide, Janover closed the $2.7 million refinance of a Class B asset in Houston’s Greater Greenspoint submarket.
Janover Inc. (NASDAQ:JNVR)
Shortly before seeking a refinance, the building was hit by a tornado. We found a lender willing to work through these challenges while the owner moved forward with repairs.”
HOUSTON, TEXAS, UNITED STATES, November 7, 2023 /EINPresswire.com/ -- Janover Inc. (Nasdaq: JNVR), an AI-enabled B2B fintech marketplace connecting commercial borrowers and lenders with a human touch, has successfully closed the $2.66 million refinance of a 72,000-square-foot office building in Houston, Texas.— Brad Beattie, Director of Capital Markets
Located at 397 Sam Houston Parkway, the four-story building was constructed in 1979 and is currently home to a branch of Bank OZK and a number of other tenants.
The deal closes at a time when many lenders have partially or completely pulled back from the office property sector, due to struggles around occupancy and work-from-home policies.
Brad Beattie, director of capital markets with Janover, helped facilitate the deal through the Janover marketplace, taking the loan opportunity to nearly 100 lenders.
“This deal was unique because the owner had purchased the property out of an REO sale earlier in the year. Then, shortly before seeking a refinance, the building was hit by a tornado,” Beattie commented. “We found a lender willing to work through these challenges while the owner moved forward with repairs.”
The Janover platform receives more than $2 billion in commercial loan inquiries every month. A wide array of lenders are active, representing 10% of FDIC-insured banks, more than 60% of the top 100 credit unions by asset size, and a strong mix of life insurance companies, debt funds, and other lenders.
About Janover Inc.
Janover is a B2B fintech marketplace connecting commercial property borrowers and lenders with a human touch. The Company seeks to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few. Through the Company’s online platform, it provides technology that connects commercial mortgage borrowers looking for capital to refinance, build, or purchase commercial property, including, but not limited to, apartment buildings, to commercial property lenders. Borrowers include, but are not limited to, owners, operators, and developers of commercial real estate including multifamily properties and most recently, a growing segment of small business owners, which Janover believes represents a significant growth opportunity. Lenders include small banks, credit unions, REITs, Fannie Mae® and Freddie Mac® multifamily lenders, FHA® multifamily lenders, debt funds, CMBS lenders, SBA lenders, and more. Additional information about the Company is available at: https://janover.co/.
To view the latest investor presentation, please visit https://ir.janover.co/.
Forward-Looking Statements
This press release may contain “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission, that involve a number of risks and uncertainties, including the Company’s ability to meet the objectives included in its business plan. Important factors that could cause results to differ materially from those indicated by such “forward-looking” statements are set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section in the Company’s quarterly and annual reports. The Company’s future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-Qs and its Annual Reports on Form 10-K.
Jeff Hamann
Janover
jeff@janover.co
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