DALLAS--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces the $121.62 million financing for the redevelopment of The Star, a historic mixed-use residential, retail and storage property in downtown Houston.
The HFF team worked on behalf of Provident Realty Advisors to secure the floating-rate bridge loan through TPG RE Finance Trust (NYSE: TRTX).
The Star was originally commissioned in 1915 by the Texas Company, later known as Texaco, and is one of the last remaining pre-World War II buildings in Houston’s CBD. Nearing completion, the property will comprise 286 luxury multifamily units, more than 26,000 square feet of retail, 8,000 square feet of climate-controlled storage and 672 parking spaces. The Star is bounded by Rusk, Fannin, Capitol and San Jacinto Streets, which places it within walking distance to attractions, including Discovery Green, Market Square Park, Minute Maid Park, the Theater District and the highest concentration of jobs within a square mile in Houston. Additionally, the property is across from two of Houston’s newest Class A+ office towers, BG Group Place and 609 Main at Texas, developed by Gerald Hines and designed by Pickard Chilton. The adaptive re-use project incorporates ornate architectural details with best-in-class unit finishes and community amenities such as a resort-style swimming pool, upscale restaurant on premises, social lounge with demonstration kitchen and pool table, state-of-the-art fitness center, rooftop sky terrace with outdoor fireplace and gas grills, and 24-hour concierge.
The HFF debt placement team representing the borrower included managing director Steve Heldenfels and director Matthew Putterman.
About Provident Realty Advisors, Inc.
Provident Realty Advisors, Inc. is a privately held real estate and investment firm that seeks to provide exceptional risk-adjusted returns to its investor partners through superior development of opportunistic and value-added strategies. Since its formation in 1991, Provident has developed or invested in more than $3 billion worth of real estate projects.
Provident has thrived over the past 22 years by adapting to shifting demands and trends in real estate. Led by Provident’s owner Leon J. Backes, the company has developed expertise in the following real estate disciplines: land investments, anchored retail centers, repositioning of outdated malls and apartments, master planned residential communities, self-storage facilities, multifamily acquisition and development, and infill mixed-use development.
About TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. (“TRTX”) is a commercial real estate finance company that focuses primarily on directly originating, acquiring and managing commercial mortgage loans and other commercial real estate-related debt instruments for its balance sheet. TRTX is externally managed and advised by TPG RE Finance Trust Management, L.P., an affiliate of TPG Global, LLC.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.