ACRES Capital Provides Financing for Houston Development
The construction loan will fund the completion of Sovereign at the Ballpark, located within the city's redeveloping Warehouse District.
ACRES Capital Corp. has provided a $49 million construction loan to fund the completion of Sovereign at the Ballpark, a downtown Houston apartment community. The property is situated at 101 Crawford St. in the redeveloping Warehouse District, blocks from the Houston Astros’ Minute Maid Park. The 229-unit, Class A multifamily building features six stories above a two-level, concrete parking structure.
The construction loan carrying an 18-month term was provided to sponsor Russ Krivor, an investor who has completed and leased more than 4,000 U.S. apartments. Earlier this month, ACRES originated another 18-month term loan for the second phase development of The Cottages at Ridge Pointe in Athens, Ga.
Sovereign at the Ballpark’s apartments will feature granite or quartz countertops, stainless steel appliances, plank-wood flooring, walk-in closets and in-unit washers and dryers. The community’s diverse amenities include a swimming pool.
“Any time you are picking up a transaction that has already started construction, the challenge is reassembling the project team around restarting it,” Marty Reasoner, ACRES’ managing partner, originations, told Multi-Housing News.
“Given the expansion of downtown Houston, ACRES was confident the multifamily development would be well-received in the marketplace. ACRES became comfortable with Sovereign’s experience and their ability to reengage the parties involved to execute on their business plan.”
In addition to the baseball stadium, other attractions in a downtown district transforming into a live-work-play area include Discovery Green, the George R. Brown Convention Center, Toyota Center, historic Market Square Park and a broad assortment of retailers, restaurants and nightlife destinations.
The downtown area is also a major job hub that includes Fortune 500 employers such as Occidental Petroleum Corp., Phillips 66 Co., Sysco, Waste Management Inc. and NASA.