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September 22, 2020
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PCCP LLC Acquires $99 Mil Senior Loan on a Redeveloped Historic Property in Houston


PCCP LLC has acquired a $99.3 mil performing senior loan collateralized by The Star, a historic property redeveloped into a Class A mixed-use asset in downtown Houston, TX. The property is located at 1111 Rusk St, south of I-10 and west of I-69.

The senior loan was purchased at a significant discount to par value, details of which were not disclosed. In conjunction with the note purchase, PCCP entered into a loan modification agreement with the existing borrower, Provident Realty Advisors, a privately held Dallas-based real estate firm that was founded in 1991 by Leon Backes, whereby significant new capital was provided.

The Star was originally built as the Texaco headquarters and was vacated in 1989 when the firm relocated to a new downtown office. Provident Realty Advisors purchased the 16-story historic office building in 2013 and commenced an extensive renovation in late 2014. The renovated asset opened for leasing in late 2018 and includes a 286-unit luxury apartment project with 26.4k sf of ground floor retail and an adjacent newly constructed 682-stall parking garage.

Located on a full city block totaling 1.5 acres, The Star is one of the few newly developed multifamily projects in downtown Houston. It provides a unique offering relative to other downtown high-rises as one of few preserved historic fixtures in the submarket. The original brick, terra cotta, and limestone fašade and the ornate limestone arcades were restored during the renovation. Additionally, the building interiors and systems were almost entirely replaced, with select historic finishes retained and restored throughout, providing tenants an experience that is at once unique and high end with top of market amenities. The property includes a mix of one-bedroom (72%) and two-bedroom (28%) units, with an average unit size of just over 1k sf.

The Main Street and the East-West rail lines are adjacent to the property and accessible on Rusk and Capital Street, offering access to the University of Houston, NRG Stadium, Buffalo Bayou, and the Texas Medical District (100,000 employees). Within two blocks of The Star is access to the Houston tunnel system, which includes 7.5 miles of climate-controlled pedestrian walkways connecting 95 city blocks. It is also within a 10-minute walk of Toyota Center (Houston Rockets), Minute Maid Park (Houston Astros), and the Discovery Green, downtownĺs 12-acre urban park. Downtown Houston has benefited from over $9 bil in investment since 2000, contributing to the establishments of arenas, parks, office towers, and residential development, all of which has attracted a large renter base with strong demographics.

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