Provident Realty Lands $122M for Historic Houston Mixed-Use
HFF secured a floating-rate bridge loan through TPG RE Finance Trust. The financing will be used for redeveloping The Star, which will feature 286 units.
By IvyLee Rosario
Provident Realty Advisors tapped HFF to facilitate financing for the redevelopment of a historic mixed-use residential, retail and storage asset in downtown Houston, The Star. HFF secured a $121.6 million floating-rate bridge loan through TPG RE Finance Trust.
Originally commissioned in 1915 by the Texas Co., The Star is one of the last remaining pre-World War II buildings in Houston’s central business district. The redeveloped project will include 286 apartments, 26,000 square feet of retail, 8,000 square feet of climate-controlled storage and 672 parking spaces. Located at 1111 Rusk St., the multifamily component of The Star features one- and two-bedroom floorplans ranging from 730 to 1,730 square feet across levels two through 16.
In-Unit, Amenity Offerings
The adaptive reuse project features ornate architectural details and best-in-class unit finishes including 10- to 11-foot ceiling options, boutique custom bathroom cabinetry, custom wood 48-inch cabinetry with soft close, quartz countertops with waterfall edge, energy saving washer/dryers, separate walk-in showers with rainfall shower heads, stainless steel appliances and farmhouse sinks and wine refrigerators. Coffered ceilings, oversized historic windows, soaking tubs and guest powder rooms are also available in select units.
Residents will have access to community amenities such as:
- resort-style swimming pool
- social lounge
- state-of-the-art fitness center
- 24-hour concierge
- gourmet coffee and snack bar
- on-site golf simulator
- covered dog run and pet washing station
- private media/theater room
- conference room
- upscale on-site restaurant
- demonstration kitchen
- rooftop sky terrace
- pool table
- outdoor fireplace
- gas grills
The Star is within close proximity to attractions such as Discovery Green, Minute Maid Park, Market Square Park and the Theater District. The property is also across the street from two of Houston’s newest Class A office towers, BG Group Place and 609 Main at Texas.
The HFF debt placement team of Managing Director Steve Heldenfels and Director Matthew Putterman represented the borrower.
Image courtesy of HFF