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| Wesleyan rendering, Houston, TX |
DALLAS, TX – HFF announced it has arranged a
construction-permanent loan for the development of 2929 Weslayan, a
254-unit, high-rise multi-housing development in Houston, Texas.
HFF
worked exclusively on behalf of partners PM Realty Group and the INDURE Fund, a
commingled real estate fund managed by National Real Estate Advisors, to secure
the loan through Pacific Life.
Due
for completion in the first quarter 2015, 2929 Weslayan will be a 40-story
building with 12,156 square feet of ground floor retail and a 547-space parking
garage.
Community amenities will
include a fitness center, pool lounge and club area, cabana, fire pit and room
service from the restaurant on-site.
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| Whitaker Johnson |
The property is situated on a 1.7-acre site on the northeast corner of
Weslayan Street and West Alabama Street near the Highland Village Shopping Area
and the affluent residential area of River Oaks.
The
HFF team representing the borrower was led by senior managing director Whitaker
Johnson, managing director Rob Rizzi and director Cameron
Cureton.
“PM Realty Group has proven adept in developing best-in-class
multi-housing properties and this project, in one of the top performing
apartment markets in the country, will be no exception,” said Rizzi.
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| Rob Rizzi |
“The property’s
prime location, along with its unmatched level of finishes and amenities, is
sure to raise the bar for Houston luxury apartment options.”
Headquartered in Houston, Texas, PM Realty Group (PMRG) is
one of the nation’s leading real estate companies focusing on comprehensive
property services, development and acquisitions.
With a strategic
presence in 30 markets, PMRG provides the highest quality services to its
clients and investors.
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| Cameron Cureton |
PMRG’s clients
and investors include large financial institutions, advisors and high net worth
individuals. By capitalizing on the
team’s experience and expertise, PMRG has the ability to undertake large and
challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed
for third parties, includes commercial office buildings, mixed-use centers,
corporate headquarters, industrial buildings, medical facilities, high-rise
multifamily buildings and re-appropriated military facilities.
PMRG’s goal is to generate exceptional
returns for its clients and investors by focusing on real estate
fundamentals. For more information,
contact Wm. Roger Gregory, Executive Vice President and Chief Financial Officer
of PMRG at rgregory@pmrg.com or (713) 209-5868; or Bryant Nail, Executive Vice
President-Development of PMRG at bnail@pmrg.com or (972) 850-1244.
For a complete copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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