JV Lands $72M for Houston Property
- Jun 29, 2018
A partnership of the Dinerstein Cos. and Coventry Real Estate Advisors has obtained a $72 million senior loan to refinance Millennium High Street. The property is a 340-unit multifamily asset with about 26,000 square feet of ground-floor retail on 4410 Westheimer Road in the Inner Loop/River Oaks submarket of Houston.
Built by the partnership on a 6.3-acre site in 2013, Millennium High Street consists of four four-story residential buildings and a seven-story parking garage, with the buildings connected via air-conditioned walkways. The retail is 100 percent leased to tenants that include Darden Restaurants’ Seasons 52 and Fidelity Investments.
The residential component, a mix of one-, two- and three-bedroom units, is currently 96 percent occupied. Common amenities including a fitness center, a yoga and Pilates studio, a resort-style pool and spa, a barbecue area, a dog park and washing station, and a rooftop lounge featuring a fireplace and views of downtown Houston and The Galleria.
Houston Economy Strong
“Millennium High Street is a high-quality asset in one of the strongest multifamily submarkets of Houston,” said Ron Bonneau, senior vice president with PCCP LLC, which provided the loan. The deal was facilitated by Cameron Cureton of HFF Houston.
Despite the impact of Hurricane Harvey, the Houston economy easily outperformed the nation over the last year, according to PCCP. In 2017 and early 2018, Houston experienced its best employment growth since 2014, and the market’s economic growth is projected to continue over the next few years.