HFF secures $12.84M construction loan for development of Class A speculative office building in Pearland, TX

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $12.84 million construction loan for the development of ZT Shadow Creek Business Center (top right photo) , a speculative Class A office building in Pearland, Texas.

Working exclusively on behalf of ZT Group Business Center One (Pearland), L.P., HFF’s Charlie Gasper (top left photo) and Colby Mueck placed the 24-month, 80% leveraged loan through Lance Schielack at Sterling Bank.

ZT Shadow Creek Business Center will be situated on 3.5 acres within the growing master-planned community of Shadow Creek Ranch in Pearland, one block west of State Highway 288 and close to Houston’s central business district, Texas Medical Center, the Port of Houston and Houston Hobby Airport.

Due for completion in the fall of 2009, the 80,000-square-foot property will be the submarket’s first institutional-grade, Class A office building. This project represents the first stage of a multi-phased office development in the Shadow Creek Ranch area.

The developers of the project are T.A.B. Lone Star Holdings, Inc. and Wallace Bajjali Development Partners, L.P.

T.A.B. Lone Star Holdings, Inc., is affiliated with Houston -based ZT Group of Companies, and is led by Taseer Badar, (middle right photo) which is comprised of ZT Investments, ZT Financial Network, ZT Consulting and ZT Properties USA. ZT Shadow Creek Business Center will be the firm’s first office development in the Houston area.

Wallace Bajjali Development Partners, L.P. is a real estate development firm specializing in single-family lot subdivisions, commercial land development, mixed-use town centers, vertical retail and office development.

CONTACTS:

Charlie R. Gasper, HFF Associate Director, 713 852 3500, cgasper@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com