Newly Completed Houston Community Gets $14M Refi
Guefen Development, which opened the 150-unit Class B asset in December 2018, used the new mortgage to retire an $11.3 million construction loan.
Prime Finance Partners has provided a $14.3 million refinancing package for Guefen Development’s Haven at Louetta, a recently completed 150-unit community near Houston. The new mortgage retires an $11.3 million construction loan originated by Frost Bank in November 2015, according to Yardi Matrix.
Located at 20330 Whitewood Drive in Spring, Texas, the community’s five three-story buildings are situated 25 miles north of downtown Houston, accessible via Interstate 45. The asset is adjacent to a Walmart Supercenter, with a large number of other shopping and dining options in the immediate area.
Haven at Louetta contains a mix of one- and two-bedroom units, with floorplans ranging from 719 to 1,030 square feet. Community amenities include a swimming pool, business center, media room, clubhouse, gaming room and fitness center. In addition to on-site surface parking, garage spaces are available for an additional fee.
The development, which broke ground in 2016, opened its doors in December 2018. The metro area currently has more than 3,000 units underway, including Wood Partners’ 338-unit Alta Med Main, which kicked off construction in January.
Image courtesy of Yardi Matrix