The loan replaces the existing construction financing and allows time for lease-up before going to the market for a permanent mortgage, Bernard Braca of the Houston-based L.J. Melody & Co. tells GlobeSt.com. Braca and Randy Fleisher in L.J. Melody's Dallas office originated the loan.
Fleisher says the three-year interim loan has the potential to roll into a five-year permanent loan if certain requirements such as occupancy levels are met at the end of three years. The north tower is 80% occupied and the south tower, 30%.
TPMC purchased the properties in 1997 and overhauled them. Grant Herlitz, CFO for TPMC, says the first wave in the re-tenanting took occupancy of their offices in August.
The buildings' recognizable rent roll includes Cooper Cameron, Pentasafe, AT&T, South Trust Bank, Right Management, Le Tourneau University, Prudential Financial and the Houston Business Journal. A 13,500-sf lease with the accounting firm of Easley, Andres, Parkhill & Brackendorff has just been inked. Move-in is to take place in a month.
Fremont Investment & Loan provided the funding for TPMC's owner of record, Post Oak Partners Ltd LLP. Herlitz says the "restructuring of the asset" will put Park Towers in a good position to complete the lease-up.
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