Pelican Builders JV Secures $111M for Luxury Houston Condo Project

More than half of the tower’s units have been pre-sold.

A joint venture between Pelican Builders and Ember Group has obtained a $111 million first mortgage loan for the development of The Hawthorne, a 67-unit luxury condominium project in Houston’s Tanglewood neighborhood. Northwind Group has provided the collateralized financing in a transaction arranged by CBRE Executive Vice President John Fenoglio and Vice President Brock Hudson.

Proceeds will go toward the completion of the project while giving the developers some extra time to sell the remaining available condos. Northwind Group Founder & Managing Partner Ran Eliasaf said, in prepared remarks, that the loan’s risk profile fitted the firm’s investment criteria, as more than 50 percent of the units were already pre-sold.

The development team broke ground on the project in August 2021. ACRES Capital provided a $89 million loan for the construction of the property.

Kirksey Architecture is the appointed architect, designer and planner, while the interior and exterior common spaces were designed by Rottet Studio’s Founding Principal Lauren Rottet. Douglas Elliman is spearheading the sales efforts.

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Rising 17 stories at 5656 San Felipe St., The Hawthorne comprises two- and three-bedroom floorplans ranging from 1,517 to 3,444 square feet. All units will have smoke detectors, fire alarm, fire sprinkler systems, hardwood flooring, powder rooms, kitchens with quartz countertops, stainless steel appliances, bathrooms with natural stone or quartz countertops, balconies and reserved parking spots for each residence.

Amenities are set to include a swimming pool with poolside cabanas, an expansive lobby, a fitness center, a resident lounge, a coffee bar, an outdoor community grill, private storage units, a dog park and pet washing stations. Services will feature concierge, valet parking, dry cleaning and laundry, pet walking and grooming and tech consulting.

Multiple condo projects underway in the state

Apart from The Hawthorne, several other condo projects are in various stages of development across the Lone Star State. In January, Canada-based Northland Properties, through its new development arm, Northland Living, announced plans for the construction of Luminary, in downtown Austin, Texas. The 35-story tower is expected to become one of the tallest buildings in the city’s Northwest downtown area.

In 2023, Pearlstone Partners started construction on Montage, a 182-unit condo development in Austin’s South Lamar area. The project is slated for completion in the second half of this year.

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