Search
 

$125-Mil Debt Refinancing OK'd for Chase Tower

HOUSTON-The owner of the 75-story, 1.7-million sf Chase Tower has secured a $125- million debt refinancing. It's just another Tom Melody of LJ Melody & Co. deal. In the past five years, he has completed $800 million in deals for CBD building owners.

By Jennifer Brenner Andrade | Updated on May 24, 2001

HOUSTON-The owner of the CBD’s Chase Tower, the tallest building outside of New York City or Chicago, has received $125 million in a refinancing deal. Texas Tower Ltd. owns the 75-story, 1.7 million-sf tower.

Tom Melody, executive managing director of LJ Melody & Co., has arranged the package for the existing debt. He tells GlobeSt.com that he is bullish on the short- and long-term prospects for the city’s CBD. In the past five years, Melody has put together more than $800 million in financing packages for properties such as the Bank of America building, Pennzoil building, One Shell Plaza, 1100 Louisiana, 1201 Louisiana, 1600 Smith and Hyatt Regency Hotel.

Melody says virtually all of this money has come from out-of-state investors interested in the Houston market. He says there has always been high out-of-state and international interest in Houston for the investor-owner market. The city’s large concentration of oil-related services is particularly attractive, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.