Houston—Tema Development has landed a $37.5 million construction loan for the development of a 224-unit luxury apartment community in Houston’s Museum District. HFF arranged the financing, which was provided by AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors. The HFF debt placement team representing the borrower was led by Senior Managing Director Matt Kafka.
Cappella Museum District will rise on 2.24-acres at 1699 Hermann Drive near Jackson Street. The site overlooks both Hermann Park and the new McGovern Centennial Gardens. The development has a completion date set for late 2016, and will include a 12,000-square-foot courtyard and a 351-space, five-story parking garage with direct entry onto each floor. A 9,000-square-foot amenity area will include a seasonal ice rink, café bar, a resident club, conference room, fitness center, yoga room, swimming pool, barbecue area, fire pit, electric car charging and a sky lounge on the top floor.
Tema Development, which was established in 1981, also developed The Parklane, a 35-story luxury condominium tower at 1701 Hermann Drive in the Museum District that was developed in the early 1980s. The developer is planning two other projects in the Museum District.