Done Deals: HFF arranges acquisition financing for HP Plaza at Springwoods Village in North Houston, TX

Monday, April 22, 2019

HFF arranges acquisition financing for HP Plaza at Springwoods Village in North Houston, TX

HP Plaza at Springwoods Village, 11300 and 11400 Energy Drive
at City Place, North Houston, TX

HOUSTON, TX –– HFF announces that it has closed the financing of HP Plaza at Springwoods Village, two newly constructed Class AA office buildings totaling 378,402 square feet at CityPlace, a 60-acre, mixed-use urban district within Springwoods Village at the intersection of Interstate 45 and the Grand Parkway in North Houston.

Chris Hew

HFF worked on behalf of the borrower, Northridge Capital, LLC to secure the fixed-rate acquisition loan through Apollo Global Management, who provided the loan on behalf of Athene Holdings.

HFF also represented the seller in the sale of the property to Northridge.

HP Plaza at Springwoods Village is located at 11300 and 11400 Energy Drive within the 2,000-acre Springwoods Village mixed-use community that is positioned at the intersection of Interstate 45 and the Grand Parkway North Houston.

When fully complete Springwoods Village will include four million square feet of Class A office space, 400,000 square feet of integrated retail space, diverse housing options, civic facilities, outdoor recreation, shopping, dining and lodging in an urban walkable environment.

Cary Abod

Completed in 2018, the two LEED-certified buildings are fully leased to HP, Inc. and join corporate neighbors ExxonMobil, Southwestern Energy and American Bureau of Shopping in Springwoods Village.

HFF’s debt placement team representing the borrower/buyer was led by senior director Chris Hew and managing director Cary Abod.

The HFF investment advisory team representing the seller included managing director Trent Agnew and senior managing director Jeff Hollinden.

“HP Plaza checks the three boxes Northridge Capital looks for when pursuing single tenant opportunities: 1) strong credit quality and cash flows; 2) desirable underlying, functional real estate and 3) a dynamic suburban/urban location that will cater to the workforce of the future and serve as a recruiting tool for the tenant,” David Etemadi, Vice President of Acquisitions for Northridge Capital said.

Trent Agnew

“We believe more and more Fortune 500 companies will choose to locate in these types of locations around the country in the ‘arms race’ for the best human capital.”

“HP Plaza is a world class asset that offers excellent yield in a growing submarket of Houston,” Hew said. “We’re pleased to have helped Northridge secure financing for this property.”

Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.

About Northridge Capital, Inc.

Northridge Capital, LLC, based in Washington, D.C., is an independent real estate private equity firm that has invested in more than 50 assets on behalf of investors, with a combined acquisition value greater than $1 billion.

Jeff Hollinden

Since its founding in 1997, the Company has focused on generating superior risk-adjusted returns for international high net-worth individuals and institutions.

The Company acquires, manages and sells real estate assets across a wide variety of property types and geographic areas.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo.

Apollo had assets under management of approximately $280 billion as of December 31, 2018 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.