2929 Weslayan Multifamily Project Adds 5 Stories, Gets Construction Loan
By Georgiana Mihaila, Associate Editor
The 2929 Weslayan development that just broke ground at the northeast corner of Weslayan and West Alabama will be taller than expected, as new plans for the tower include an extra five stories. When developer PM Realty Group first announced the project last year, 2929 Weslayan consisted of 35 stories; the new plan could make it the tallest rental tower in the city upon completion.
But this was not the sole recent achievement for the project; according to an official announcement. Holliday Fenoglio Fowler L.P. has arranged a construction-permanent loan on behalf of partners PM Realty Group and the INDURE Fund—a commingled real estate fund managed by National Real Estate Advisors—securing the loan through Pacific Life. The HFF team representing the borrower was led by senior managing director Whitaker Johnson, managing director Rob Rizzi and director Cameron Cureton.
“PM Realty Group has proven adept in developing best-in-class multi-housing properties, and this project, in one of the top-performing apartment markets in the country, will be no exception,” said Rizzi. “The property’s prime location, along with its unmatched level of finishes and amenities, is sure to raise the bar for Houston luxury apartment options.”
Due for completion in the first quarter of 2015, 2929 Weslayan will be a 254-unit, 40-story building with 12,156 square feet of ground-floor retail and a 547-space parking garage. Community amenities will include a fitness center, a pool lounge and club area, a cabana, a fire pit and room service from the on-site restaurant. The RTKL-designed tower will be located on a 1.7-acre site on the northeast corner of Weslayan Street and West Alabama Street near the Highland Village Shopping Area and the affluent residential area of River Oaks.
While Houston-based PM Realty Group is a leading national real estate company strategically present in 30 markets, 2929 Weslayan is the company’s first multifamily development in its hometown.
Image Courtesy of MHN Online