$17.6MM Office Recapitalization | Houston, TX

Structured and arranged long-term, fixed-rate senior debt to recapitalize a 140,000-square-foot, multi-tenant office building in Houston, TX.


Contending with a looming loan maturity and several leases coming due, the borrower was seeking to lock in a long-term, fixed-rate loan on a non-recourse basis. Furthermore, volatility in the bond markets was causing swaps and spreads to fluctuate during the closing process, impacting underwriting thresholds.

$17.6MM Office Recapitalization | Houston, TX


Identified a lender familiar with the property (via an affiliated B piece buyer) and comfortable with the ownership structure of the underlying asset. Levering a long-standing relationship, the lender paired back some of the lost spread prior to closing to “right size” the underwriting metrics and consummate a successful closing at full proceeds.

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