TODAY’S DEALS: Construction Loans Reinforce Case for Houston Luxury
The third coast is no exception when it comes to luxury condo demand, and NorthMarq Capital completes a Freddie Mac refinance.
Houston—Luxury condos are still in high demand coast to coast. The third coast is no exception, as a recently closed $55.2 million construction loan in Houston shows. PCCP LLC announced yesterday that it has originated the senior loan for a joint venture development between The Carlyle Group and Pelican Builders. The 17-story, 96-unit property will be known as The Wilshire, and it is already rising in the River Oaks submarket. Completion is set for mid-2017. Adam Allen of ARA Newmark arranged the financing.
“PCCP’s loan will provide the project’s joint venture ownership with the majority of the funding needed to develop this Class A residential project,” said Ron Bonneau, senior vice president with PCCP. “This asset will be delivered within a market where demand is outpacing supply for this luxury property type, and we are confident that the ownership has the experience and vision to realize a favorable outcome for The Wilshire.”
Located at 2049 Westcreek Lane, the new condo is adjacent to a 650,000-square-foot mixed-use project called The River Oaks District, which is currently being built by Oliver McMillan. The River Oaks district will be a big, walkable amenity for the new condo development with 252,000 square feet of luxury retail, restaurants, entertainment, as well as 92,000 square feet of Class A office space and 279 luxury apartment units.
Amenities at The Wilshire include two guest suites, valet parking, a swimming pool with cabanas and a 4th floor amenity level with fitness room, resident lounge, catering kitchen and dining room.
NorthMarq Capital completes Freddie Mac refinance
Chicago—Sue Blumberg, senior vice president/managing director of NorthMarq Capital’s Chicago based regional office arranged the $10 million refinance of Beech Pointe Apartments, a 192-unit multifamily property located in Schaumburg, Ill.
The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
“Beech Pointe has enjoyed great market growth, providing a terrific place for people to live,” noted Blumberg.