NewStar Financial Closes $20.963 Million Loan On 18551 Beaumont Highway, In Houston Texas
Live Oak Capital advises CalTex Holdings LP
Boston, MA, December 28, 2006 NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announced that it has provided $20,963,000 in non-recourse, first mortgage loan financing on 18551 Beaumont Highway, a 994 acre industrial complex with over 660,000 sq ft of warehouse space in Houston, TX. The property is owned by a CalTex Holdings LP, a joint venture between WorldWide Services LLC and Sierra Mesa LLC. The NewStar loan provided the sponsors with funds to acquire the property as well as additional capital for base building improvements, leasing costs and working capital to extract on-site scrap metal and equipment for sale. Live Oak Capital ("Live Oak") acted as exclusive financial advisor to the borrower. Live Oak, a Houston-based mortgage banking firm active throughout the country, will service the loan on behalf of NewStar. "Tristan Pierce and his team at NewStar were able to quickly get their arms around this complicated asset and structure a loan that made sense for CalTex. This structure will allow the borrowers to take full advantage of this property", stated Rob LaRue of Live Oak."Since this was WorldWide Services first time purchasing a property of such size and complexity in addition to a hard year end closing date, we needed a lender we could rely on for creativity, adaptability and flawless execution" said Brad Smith, Vice President of World Wide Services.
NewStar's deal team for the transaction included Tristan Pierce, Susan Strader, Carolyn Pianin, and Evan Turner.About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital market executives from leading financial institutions, including FleetBoston Financial Group, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations