HFF Secures $65M Loan for West Houston Office Asset

The office property is LEED certified to the Gold level.
The Plaza at Enclave, Houston, Texas
The Plaza at Enclave, Houston, Texas

Houston—HFF announced it has arranged financing for The Plaza at Enclave, a 344,296-square-foot office building located in Houston’s Energy Corridor. According to Yardi Matrix data, the borrower is Azrieli Group of Tel Aviv, Israel and the loan amount equals $64.8 million. HFF worked on behalf of the borrower to secure a 15-year, fixed-rate loan through Allianz Real Estate of America.

The six-story, Class A asset was built in 2007 at 1254 Enclave Parkway. The LEED Gold-certified property features a health club, fitness center, café with indoor and outdoor dining, a courtyard and entrance plaza with a multi-level fountain system. In addition, a multi-level parking garage offers 1,494 car spaces. The office building is anchored by DOW Chemical and was 98 percent occupied at the time of the deal.

The office building is sited within “The Enclave”, a 10-building micro-market in West Houston’s Energy Corridor, between Interstate 10, Highway 6 and the Westpark Tollway. Its location provides easy access to Houston’s Inner Loop and central business district, but also to the residential communities in the metro’s western, northern and southern suburbs.

The HFF debt placement team representing the borrower was led by senior managing directors Wally Reid and Matt Kafka, and real estate analyst Dustin Selzer.

Image courtesy of Yardi Matrix