{"id":1004028860,"date":"2011-04-27T07:09:13","date_gmt":"2011-04-27T15:09:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004028860"},"modified":"2022-12-08T21:57:35","modified_gmt":"2022-12-09T05:57:35","slug":"jll-nails-down-42m-loan-for-houston-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-nails-down-42m-loan-for-houston-office-asset\/","title":{"rendered":"JLL Nails Down $42M Loan for Houston Office Asset"},"content":{"rendered":"

April 27, 2011
\nBy Allison Landa, News Editor<\/p>\n

\"\"<\/a>

Courtesy Flickr Creative Commons user mrbill<\/p><\/div>\n

Jones Lang La Salle\u2019s 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.<\/p>\n

The 542,919-square-foot Class A office building is located in Houston\u2019s central business district. It occupies an entire city block bound by Travis, Walker, Milam and McKinney streets.<\/p>\n

According to JLL co-head of the real estate investment banking team Mike Melody, the building\u2019s 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.<\/p>\n

Melody, along with Tom Fish and Paul House, led the JLL team on the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":936,"featured_media":1004028862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742],"tags":[],"class_list":["post-1004028860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest"],"acf":[],"yoast_head":"\nJLL Nails Down $42M Loan for Houston Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jll-nails-down-42m-loan-for-houston-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Nails Down $42M Loan for Houston Office Asset\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-nails-down-42m-loan-for-houston-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-04-27T15:09:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:57:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/04\/mrbill.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-nails-down-42m-loan-for-houston-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jll-nails-down-42m-loan-for-houston-office-asset\/\",\"name\":\"JLL Nails Down $42M Loan for Houston Office Asset - 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