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PCCP Acquires $99.3M Loan Secured by Star Apartment Complex in Downtown Houston

The-Star-Houston

The Star in downtown Houston was originally built as the office headquarters for Texaco. Provident Realty Advisors completed its conversion of the building into an apartment complex in 2018.

HOUSTON — PCCP has acquired a $99.3 million senior loan that is collateralized by The Star, a historic property in downtown Houston that was recently redeveloped into a 286-unit apartment complex with 26,442 square feet of ground-floor retail space. In conjunction with the purchase, PCCP has entered into a modified loan agreement with the original borrower, Dallas-based Provident Realty Advisors. The Star was originally constructed as the headquarters building for Texaco and was vacated in 1989. Provident Realty purchased the building in 2013 and completed its repositioning project in 2018.

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