Carlyle JV Lands Refi for Houston Community

A joint venture between Allen Harrison Co. and The Carlyle Group has obtained financing for The Kippford at Kemah Crossing, a 360-unit multifamily property. Newmark arranged the bridge loan from Greystar.

Previous financing for the 2023-completed community includes a $42.6 million construction note, according to Yardi Matrix information. BOKF originated the loan in 2022 and was set to mature last month.

The property sits on 14 acres at 2201 Evergreen Memorial Parkway, within the Clear Lake submarket and close to a host of retail and dining options. Downtown Houston is within 33 miles, while George Bush Intercontinental Airport is 45 miles away.

The Kippford at Kemah Crossing encompasses 11 three-story buildings with one-, two- and three-bedroom floorplans. Apartments range from 727 to 1,484 square feet and include private balconies or patios.

Shared amenities include a swimming pool with cabanas and sundeck, fitness center, clubhouse theater and a grilling and lounge area. The community also has a pet spa, EV charging stations, offices and coworking space, along with a volleyball court and a garden courtyard.

Newmark Multifamily Capital Markets Vice Chairman David Schwarz secured the bridge loan on behalf of the borrower.

Carlyle Group’s recent capital activity

The Carlyle Group has remained active nationwide. Just weeks ago, in a partnership with Property Markets Group, the firm secured a bridge loan for a 517-unit Brooklyn community. Bridge financing is increasingly used for recently delivered assets nearing stabilization, reflecting current multifamily market predictions that point to sustained demand for flexible capital amid elevated interest rates.

Last year, a joint venture including The Carlyle Group obtained $260 million to refinance AIRE, a luxury property in Manhattan. Encompassing 310 units, that property came online in 2007.