Contrarian Capital Management and Cameron Management obtained a loan totaling $52.8 million to refinance the Esperson, a 600,000-square-foot, historic property in downtown Houston. Tom Melody, Paul House, John Ream and Connor Harrell with JLL arranged for the financing, which came from MetLife Investment Management. The loan will replace maturing debt on the property, which is bounded by Walker, Rusk, Milam and Travis Streets.
The property consists of two buildings. The 32-story Niels Esperson building opened in 1927, while the 19-story Mellie Esperson building delivered in 1941. The buildings were connected in the 1950s.
The current owners acquired the property in 2012 from Seligman Western Enterprises Ltd. The seller, at the time, had offered the property through a deed in lieu of foreclosure. Cameron Management was no stranger to the property, having owned it from 2004 to 2007.
During its close-to-five-year hold, the current owners invested $11 million in capital improvements.
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.
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