HOUSTON—The original Texaco headquarters at 1111 Rusk St. was vacated in 1989 when the firm relocated to a new downtown office. In 2013, Provident Realty Advisors, a privately held Dallas-based real estate firm, purchased the 16-story historic office building, the Star, and began an extensive renovation in late 2014.

The redeveloped class-A mixed-use asset opened for leasing in late 2018 and includes a 286-unit luxury multifamily project with 26,442 square feet of ground-floor retail and an adjacent newly constructed 682-stall parking garage. The original brick, terra cotta and limestone facade, 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.

PCCP recently closed on the purchase of a $99.3 million performing senior loan collateralized by the Star. 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, whereby significant new capital was provided.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.