Posted on by in Office, Texas

HOUSTON — Jones Lang LaSalle's Capital Markets team has secured a $42 million senior mortgage loan for Houston-based M-M Properties to finance 919 Milam. The debt is comprised of $35 million in initial funding and up to $7 million for tenant and capital improvements. The 24-story, 542,919-square-foot Class A office building is located in the heart of Houston's central business district. The property occupies an entire city block bounded by Travis, Walker, Milam and McKinney streets. Mike Melody, Tom Fish and Paul House led Jones Lang LaSalle's team.

“At an occupancy rate of nearly 80 percent, 919 Milam provides a value add opportunity for M-M to increase tenancy as well as the ability to capitalize on in-place rents that are significantly below market rates,” said Melody.

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