Gary Prosterman Of Development Services Group Secures $36.1M Loan For Meridien Houston Downtown Hotel

The asset involved in this transaction is a 250-room hotel located at 1121 Walker Street in Houston. The property, known as the Meridien Houston Downtown, transitioned from a former office tower to a hotel in 2017. The refinancing process facilitated through the loan amount of $36,100,000 is a significant financial maneuver supporting the operations of the hotel in a competitive market.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $36,100,000
• Loan Type: Refinance
• Loan Terms: Three-year, floating-rate loan with two 12-month extension options
• Lender: Jared Schlosser - Peachtree Group
• Landlord: Gary Prosterman - Development Services Group
• Date: 04/16/2025

Jared Schlosser, representing Peachtree Group, provided the financing essential for the Development Services Group, led by Gary Prosterman. This loan aims to reinforce DSG’s strategy of focusing on historic property redevelopments, particularly in response to the rising demand for hospitality services in Houston.