Boston-based NewStar Financial Inc. provided the three-year, adjustable-rate refinancing to Franklin Lofts LP, headed up by Frank Garvey. "NewStar really liked the story of what's going on in Downtown Houston," says Jonathan Gilfillan with the locally based Live Oak Capital Ltd. He and John Fenoglio arranged the non-recourse financing for Franklin Lofts at 201 Main St. The interest rate is capped at less than 6%, according to Gilfillan. The refinance covers 31 condo units, a 36,000-sf special events center called the Corinthian, 256-space parking garage and 11,000 sf of ground-floor retail.

"This property was unique because of its location in Downtown Houston," Gilfillan tells GlobeSt.com. "It has really benefited from the resurgence in Downtown and the light rail." He says condo sales were hampered by the light rail construction, but have increased substantially now that the system is up and running.

The 100-year-old building originally housed a bank and offices. Garvey purchased the property in 1999. The Corinthian takes up the first two floors and the remaining six are divvied into condos, ranging from 1,117 sf to 2,446 sf. Units sell for $214 per sf to $298 per sf.