Private Construction Loan for Multifamily Development in Houston, Texas

Funded by Parkview Financial

$38,000,000

Deal Details

Private Loan Type

Commercial Ground-Up Construction

Approx. Funding Date

02/24/2020

Property Type
Multifamily
Property City

Houston

Property State

TX

Lien Type

1st Mortgage

Number of Units

168

Building Square Footage

126,500

Deal Summary

Parkview Financial, a private construction lender based in LA, provided a $38MM loan for the development of a 126,500-square-foot, mixed-use multifamily project in the Montrose/River Oaks submarket of Houston, TX. The six-story apartment building will include 168 residential units, more than 20,475 square feet of ground-level retail space, and an above-grade parking structure with 305 spaces. The tenant amenities will include a rooftop deck, resort-style pool, outdoor kitchen, fitness center with vinyl plank flooring, clubhouse with quartz surfaces, business center, lush landscaping, dog park, outdoor space with stadium seating, and a leasing office. Each unit will include a full stainless-steel appliance package in the kitchen with an electric range and oven with a vent-hood and built-in microwave, and a washer and dryer in the unit. Select units will feature balconies or private patios. Construction commenced in early 2020 with anticipated completion in mid-2021.

Funded By

Parkview Financial

Specializing in Ground-Up Construction Financing for Commercial Real Estate