PCCP Provides $20M Senior Loan for Houston Multifamily Project

PCCP provided a $20 million loan for acquisition and lease-up of Haven at Westgreen.

HoustonPCCP LLC recently provided a $20 million senior loan for the acquisition and lease-up of a Houston multifamily development. The new ownership is a joint venture between Dallas-based CAF Capital Partners, the Rainier Cos., and Chicago-based Blue Vista Capital Management.

Haven at Westgreen

Haven at Westgreen

The newly constructed Haven at Westgreen is a 225-unit Class A community located in Katy, a western submarket of Houston. The development is situated on 6.6 acres and includes one- and two-bedroom unit floorplans. Monthly rents for a one-bedroom unit at Haven at Westgreen start at $850 and for a two-bedroom unit start at $1,275, according to Yardi Matrix.

Community amenities include a resort-style swimming pool, fitness center, BBQ area, and clubhouse. Haven at Westgreen is situated conveniently adjacent to a public park and in close proximity to the I-10 freeway, which provides access to all parts of Houston.

“With the acquisition of Haven at Westgreen, CAF and Blue Vista capitalized on a strategic opportunity to acquire Class A newly delivered product in a submarket with a multi-faceted local economy and one of the best school districts in Texas,” said Ronald Bonneau, senior vice president with PCCP, in a prepared statement. “The property’s high demographic location coupled with the borrower’s multifamily expertise and attractive cost basis will allow them to capitalize on demand in the submarket and lease this property to stabilization.”

Houston-based multifamily developer Guefen Development Co. was the seller, and Cortney Cole of HFF in Houston arranged the financing.