Angelic Arranges Financing on Galleria-Area Bldg.

HOUSTON–Angelic Real Estate has arranged the financing on 4801 Woodway, a 220,583-square-foot office building on the north side of The Galleria in the Riverway submarket. The building was 48 percent occupied at the time of acquisition, and midway through a multimillion dollar renovation program that will position it as a class A quality option for tenants in that area. The property was purchased from a special servicer, having been foreclosed on from a previous tenant in common (TIC) ownership.  

“The buyer can now just continue the exact same upgrade program, with the same finishes, and it will complete a totally first-class building interior,” Gabriel Silverstein, president of Angelic, told GlobeSt.com. “If the special servicer had merely done what we all often refer to as ‘lipstick on the pig’ cosmetic cover-ups, the buyer would have been stuck with the conundrum of tearing it all back out to do it right, starting over or continuing building to a lesser quality product. The buyer gets to benefit from having a building whose renovation is not only already half done, but is showing-reading today to demonstrate to prospective tenants how nice it will be when completed.”