Loft Condo Tower Receives $14M Refi

The two-year, interest-only loan replaces a construction loan held by North Houston Bank and a mezzanine loan, according to Tucker Knight, a director with Holliday Fenoglio Fowler LP's local office. He and Jimmy Hinton Jr. arranged the financing for Tremont Tower's owner Tremont Tower LP, which is headed by managing director Amad Al-Banna. "The borrower was up against the wall because the construction loan was maturing and the mezz lender wanted to be paid off as well," Knight tells GlobeSt.com. US Bancorp Asset Management was able to finalize the loan in less than 30 days. "We got the best non-recourse lender that could close the deal in the shorten timeframe," he says. Located at 3311 Yupon St. one block west of Westheimer Road between the Medical Center and Uptown Houston, Tremont Towers is comprised of a six-story tower totaling 99,617 sf of lofts. It was 25% sold when the new financing closed. Completed in 2004, the property includes a mix of one-bedroom, two-bedroom and three-bedroom units ranging from 900 sf to more than 1,500 sf. Condos are priced from $220,000 to more than $800,000. "It's a great building with a great location," Knight says, adding that the building's architecture is "phenomenal."According to Knight, HFF had never worked with Tremont Tower LP, but the company is one of the largest developed in Houston's Inner Loop and is focused on rebuilding older parts of the city.