Priority Capital Advisory Secures $26.6 Million Bridge Refinance for Houston's 2 Westlake Tower

Priority Capital Advisory has played a pivotal role in the financial revitalization of 2 Westlake, a Class A office tower in Houston's Energy Corridor, by facilitating a $26.6 million bridge refinance. This strategic financial move was executed for Younan Company, a global private equity firm, highlighting a significant step forward in the property's leasing strategy and overall redevelopment. Located at 580 Westlake Park Boulevard, 2 Westlake represents the enduring attractiveness of the Energy Corridor for commercial real estate investments.

Since Younan Company acquired the property in December 2022 for $21.55 million, 2 Westlake has seen extensive renovations, including a complete lobby remodel. These enhancements have contributed to achieving a 56% occupancy rate, with leasing momentum suggesting a promising future. The refinancing arrangement not only addresses the retirement of maturing debt but also secures funding for tenant improvements and stabilization efforts for this recently renovated asset.

Zachary Streit, Founder and President of Priority Capital Advisory, highlighted the difficulties in refinancing office assets in the current market. The firm's engagement with over 100 capital providers was crucial in finding a lender confident in the asset's potential, the sponsor's business plan, and the Energy Corridor's sustained appeal. This deal emphasizes the strategic value of 2 Westlake's location along Interstate 10, its spacious 22,500-sf floorplates, and its comprehensive amenities, including a full-service deli, coffee bar, and fitness facility.

The Energy Corridor's revival over the last 12 to 18 months is credited to its superior office inventory, closeness to wealthy neighborhoods, and growing retail and recreational offerings. This refinancing not only showcases the corridor's vibrant character but also Priority Capital Advisory's skill in managing intricate capital markets. Since its founding, the firm has completed over $500 million in debt financing across 21 transactions, cementing its reputation as a reliable advisor in real estate finance. For more details on Priority Capital Advisory, visit https://www.prioritycapitaladvisory.com.