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GlobeSt.com EXCLUSIVE: $23M Seeds 293,796-SF Office Repositioning

HOUSTON-Barnhart Interests Inc. gets capital to update a 293,796-sf office building at 6330 W. Loop South and build a pool for TI expenses and commissions. Roughly $5 million is ticketed for renovations and $18 million pays off the old loan.

By Jennifer D. Duell | Updated on July 08, 2005

(To read more on the debt and equity markets, click here.)

HOUSTON-Barnhart Interests Inc. has obtained $23 million in debt and equity financing from American National Insurance Co. to reposition and re-tenant one of the largest office buildings in the Bellaire submarket.

The local owner of 6330 W. Loop South took on its first joint venture equity partner in structuring the deal with Anico. “Our joint venture with Anico allows us to have the funds to renovate the lobby and offer aggressive TI packages and commissions,” Paul Barnhart of Barnhart Interests tells GlobeSt.com. The building will undergo roughly $5 million of renovations, bringing the 293,796-sf, 14-story structure to a class B-plus level.

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