TPG Real Estate Finance Trust Lends $160M on Thor Equities’ Luxury Mixed-Use Development
By Cathy Cunningham October 5, 2018 5:12 pm
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Thor Equities has landed a $160 million refinance for Kirby Collection, a 1-million-square-foot luxury mixed-use development in Houston, sources close to the transaction told Commercial Observer.
The deal closed on Sept. 28.
TPG Real Estate Finance Trust provided the bridge loan, which has a two-year initial term with extension options and takes out the property’s construction financing, provided by Bank OZK in September 2015.
Iron Hound Management’s Robert Vernicek and Robert Verrone negotiated the debt.
Kirby Collection, located at 3200 Kirby Drive in Houston’s Upper Kirby District, is a luxury two-tower residential, office, retail and entertainment development. Thor broke ground on the development in October 2015 and opened the property in the fourth quarter of 2017.
Located in close proximity to some of Houston’s largest employment hubs—its central business district, the Galleria/Uptown District, Greenway Plaza and Texas Medical Center—the property’s 13-story, 210,000-square-foot Class-A office building offers tenants access to a rooftop putting green and its Sky View lounge with furnished gourmet kitchen.
Office tenants include Hancock Whitney Bank, Novum Energy, Lukoil, Regency Centers and Alexander Marketing.
Its 25-story, 385,000-square-foot residential tower houses 199 apartments including seven two-story townhomes and seven two-story loft spaces with private yards. Residences overlook a deck with an acre of landscaped amenities, including a swimming pool with cabanas, fire pits and a bar area.
The property also includes two levels of prime retail space totaling 65,000 square feet, home to tenants including entertainment venue Pinstripes, streetwear retailer A Ma Maniére (its first Houston location), Jianna Jewelers and Atelier Isabelle Rose.
Officials at TPG, Thor Equities and Iron Hound declined to comment.
