Newly Completed Houston Community Receives $28M Refi

Leon Capital Group will use the financing to retire an existing construction loan from Bank OZK for their 220-unit 1711 Caroline community.
1711 Caroline. Image courtesy of Yardi Matrix

Tremont Mortgage Trust, a division of The RMR Group, has provided Leon Capital Group with a $28 million refinancing for their newly completed 220-unit 1711 Caroline community in Houston. The 18-month loan includes two one-year extension options. The financing will be used to retire a $27 million construction loan from Bank OZK, according to Yardi Matrix data.

Situated at 1711 Caroline St., the building is within walking distance of downtown Houston, close to the Metro Light Rail and interstates 45 and 69. Additionally, several dining, retail and entertainment options are located within a 1-mile radius. The asset consists of one- and two-bedroom apartments with common-area amenities that include a pool, rooftop terrace, fitness center and on-site washing dog station. In April, the community was 79.9 percent occupied, per Yardi Matrix information.     

Last September, Leon Capital Group broke ground on Society, a 262-unit Class A multifamily project in Austin. Preleasing was scheduled for summer 2019 with the first units slated for completion in the fall.