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Houston Developer Nails Down 15-Year Loan

HOUSTON-WestHy Ltd. has secured a 15-year loan from Bloomington, IL-based State Farm Investments. The borrower uses a ground lease for the 78,000-sf H-E-B Central market to secure the financing package.

By Jennifer Brenner Andrade | Updated on October 08, 2001

HOUSTON-Houston-based WestHy Ltd. has obtained a 15-year loan for a land buy, secured by a long-term ground lease for H-E-B Central Market in the Galleria submarket. State Farm Investments of Bloomington, IL is providing the financing, the amount of which is being kept hushed.

The 78,000-sf Central market, which opened in June, is located at the intersection of Westheimer and Weslayan. Harry D. “Buddy” Hopson, Jr., senior vice president of Kinghorn, Driver, Hough & Co., a Houston-based independent mortgage banker arranged the financing for WestHy. Hopson says he used State Farm Investments because it has “a longstanding commitment to the Houston real estate market.” The loan carries a 15-year amortization, says Hopson. Central Market now stands on land once occupied by office buildings and an apartment complex.

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