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Texas  + Finance  |  August 3, 2020
Paul Bubny
By: Paul Bubny

PCCP Recapitalizes Luxury Apartments at Former Texaco HQ Site

PCCP, LLC has closed on the purchase of a $99.3-million performing senior loan collateralized by The Star, a redevelopment of the former Texaco headquarters in 1111 Rusk St. in downtown Houston.  The senior loan was purchased at a significant discount to par value, details of which were not disclosed. 

In conjunction with the note purchase, PCCP entered into a loan modification agreement with the existing borrower, Provident Realty Advisors, a privately held Dallas-based real estate firm that was founded in 1991 by Leon Backes. 
 
The Star was originally built as the Texaco headquarters and was vacated in 1989 when the firm relocated to a new downtown office. Provident Realty Advisors purchased the 16-story historic office building in 2013 and converted it to luxury residential.
 
“PCCP is pleased to be able to recapitalize The Star as part of purchasing the senior loan,” said Ron Bonneau, managing director with PCCP. 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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