Houston Highrise Gets Construction Loan
Houston—PM Realty Group has obtained a construction-permanent loan for 2929 Weslayan, a 254-unit high-rise project in Houston. HFF, working on behalf of the PM Realty Group and its partner, worked to secure the loan through Pacific Life, though the terms were unspecified.
The apartment community is being developed by PM Realty Group in a joint venture with the Indure Fund, which is part of the National Electric Benefit Fund, the third largest Taft-Hartley Pension Plan in the United States. Indure kicked in most of the project’s capital.
Now that funding is in place, the project is slated for completion in early 2015. The building PM Realty Group’s first apartment development in the Houston market, though the hometown company has developed two high-rise apartments in Dallas, the Heights at Park Lane and 1400 Hi Line.
The Houston property will be a 40-story building on a 1.7-acre site in the River Oaks area, with 12,150 square feet of ground floor retail and a 547-space parking garage. Community amenities will include a fitness center, pool lounge and club area, cabana, fire pit and room service from an on-site restaurant.
Designed by RTKL Associates, 2929 Weslayan’s distinctive facade was “inspired by a flowing evening gown,” according to the architect. CF Jordan is the building’s general contractor, while Faulkner Design Group is the interior designer and Studio Outside the landscape architect.Tags: Acquisitions/Dispositions, Financing, Mergers and Joint Ventures