Historic Houston Buildings Acquired by Foreclosure

Interra Capital Group acquired the historic Esperson complex in downtown Houston by foreclosure through a note purchased from MetLife. It’s at 808 Travis Street.

Interra was the highest bidder at the foreclosure sale, paying $12 million. The seller was Contrarian Capital Management, which has owned the buildings since 2012. Commercial Edge reports that the original note totaled $52.8 million and was issued in 2018. It was then amended in 2022 and reduced to a $41 million loan. Cameron Management led the foreclosure process, and it will continue to act as the Property and Facilities Management team at the asset for a designated period.

The complex consists of two structures, one 32 stories and the other 19, and spans over 600,000 square feet and is renowned for its Italian Renaissance styling. The office complex includes two buildings completed in 1925 and 1941. Amenities at The Esperson Buildings include a conference center, on-site property management, and a food court with multiple restaurant options.

Next Tuesday, learn from and network with experts from Lument, Legacy Partners, Transwestern, Kairoi Residential, TruAmerica Multifamily, Helu Capital, Institutional Property Advisors, RCKRBX, and more at the 6^th annual Connect Texas Multifamily conference. Don’t miss out; be at the Virgin Hotels Dallas for the leading multifamily CRE event next week on August 20^th! Be sure to register in advance; registration pricing increases on event day!