Updated Mar 11, 2025
TPG Real Estate Finance Trust Provides $121.6M Loan For MultiFamily Property At 1111 Rusk St, Houston
1111 Rusk St, Houston, TX, 77002
$121,600,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 20, 2023
About this deal
AI
The Star, a multifamily development located at 1111 Rusk St, Houston, TX, 77002, is undergoing redevelopment with a $121.6 million floating-rate bridge loan secured by HFF. The property will consist of 286 multifamily units, 26,000 square feet of retail space, 8,000 square feet of storage space, and 672 parking spaces.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $121,600,000.00
- Market: Houston
- Borrower's Rep: Matthew Putterman(JLL), Steve Heldenfels(JLL)
- Lender: TPG Real Estate Finance Trust
HFF's Steve Heldenfels and Matthew Putterman facilitated the loan through TPG RE Finance Trust on behalf of the borrower, Provident Realty Advisors.
On the Map
$121,600,000
MultiFamily
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Players
Houston MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93