JLL Nails Down $42M Loan for Houston Office Asset
The mortgage was procured with regard to 919 Milam, a 542,919-square-foot Class A office building in the city's central business district.
April 27, 2011
By Allison Landa, News Editor
Courtesy Flickr Creative Commons user mrbill
Jones Lang La Salle’s Capital Markets team has secured a $42 million senior mortgage loan to finance 919 Milam in Houston. The mortgage, which was procured on behalf of M-M Properties, is comprised of $35 million in intial funding and up to $7 million for tenant and capital improvements.
The 542,919-square-foot Class A office building is located in Houston’s central business district. It occupies an entire city block bound by Travis, Walker, Milam and McKinney streets.
According to JLL co-head of the real estate investment banking team Mike Melody, the building’s nearly 80 percent occupancy rate offers M-M a value-add opportunity to increase tenancy along with capitalizing on in-place rents that are below market rates. He added that many U.S.-based opportunistic lenders showed interest.
Melody, along with Tom Fish and Paul House, led the JLL team on the transaction.
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