Hunington Properties has received a $38 million loan for the development of a 168-unit multifamily project in Houston. The developer broke ground on the project dubbed The Interpose, with an expected completion date in the second quarter of 2021.
Working on behalf of the borrower, Greystone Capital Advisors arranged the financing from Parkview Financial. In May, Greystone provided Hunington with $32.2 million in construction funding for the development of another community in the Houston area.
Located on 1.4 acres at 1107 Shepherd Drive in the Montrose/River Oaks submarket, the future six-story building will feature more than 20,475 square feet of ground-level retail space and a two-level, above-grade parking garage. Amenities will include a rooftop deck, swimming pool, outdoor kitchen, fitness center, clubhouse, business center and dog park.
The property is located near the downtown area and one block north of Washington Avenue in the Washington Heights District, a lively neighborhood filled with restaurants and bars.