Developer gets $121M in financing for former Texaco building in downtown Houston

Dallas-based development firm Provident Realty Partners landed $121.62 million in financing for the redevelopment of the former Texaco headquarters in downtown Houston into a mixed-use tower dubbed The Star.

The floating-rate bridge loan was secured by HFF through TPG RE Finance Trust (NYSE: TRTX), according to a statement.

The redevelopment, which is nearly complete, has converted the building at 1111 Rusk St. into a 286-unit luxury apartment tower with 26,000 square feet of retail space, 8,000 square feet of climate-controlled storage and 672 parking spaces. Benjamin Berg, the restaurateur behind Washington Avenue steakhouse B&B Butchers & Restaurant, signed a lease for a portion of the retail space to open his second Houston restaurant.

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