Woodhouse Secures $33M for Houston Office Building

Woodhouse has secured a $33 million refinancing loan for 4411 San Felipe, a 94,825-square-foot office building in Houston. Tannenbaum Capital Group issued the three-year floating-rate note in a transaction brokered by JLL Capital Markets on behalf of the borrower.

Last month, the property became the subject of a $45 million bridge loan provided by Southern Realty Trust, according to Yardi Matrix information.

The asset has been under Woodhouse’s ownership since 2022, when the company purchased it from DC Partners, using a $44 million acquisition loan, the same data provider shows.

A Class A office property

The Class A seven-story property came online in 2021 and features 15,151 square feet of first-floor retail space, 25,716-square-foot floorplates, three passenger elevators and 340 car parking spaces.

With a 41,044-square-foot lease across multiple floors, Park House Houston anchors the office building and will continue to do so through December 2033. The tenant roster also features Ciel Restaurant, Fountain Life and Advancial Federal credit Union, currently making the property fully leased.

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Located at 4411 San Felipe St., the low-rise is located near the interchange between interstates 610 and 69, and less than 9 miles west of downtown Houston. George Bush Intercontinental Airport is 25 miles away.

JLL Capital Markets Senior Director John Ream along with Analyst Cassie McIntosh led the debt advisory team that arranged financing on behalf of Woodhouse.

September saw Houston’s average office listing rates clock in at $27.12 per square foot, down 10 percent year-over-year and below the $32.79 national average, according to the latest Yardi Matrix office report. The metro’s vacancy rates during the same month dropped to 20.2 percent, reflecting a 500-basis-point decrease over a 12-month period.