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$66 Million Construction Loan Set for Washington Avenue Mixed-Use Project

Rendering of phase one of Buffalo Heights project under development on Washington Avenue by Midway.

HOUSTON Holliday Fenoglio Fowler arranged $66 million in construction financing for Phase I of the Buffalo Heights development, a grocery-anchored, mixed-use project on Washington Avenue near Heights Boulevard.

The development will have a 96,000 SF ground-level H-E-B store, 36,800-SF of boutique office space, 232 multifamily units and 2,000 SF of additional retail. The seven-story, mixed-use building is due for completion in 2019.

HFF worked on behalf of the owner, BKR Memorial II, LP, along with the developer, Midway, to secure financing through U.S. Trust, Bank of America Private Wealth Management.

The multi-housing component, St. Andrie, will have studio, one- and two-bedroom floor plans ranging from 553 to 1,545 SF that offer views of downtown, Buffalo Bayou and River Oaks.

Midway, a Houston-based development firm, was tapped to redevelop the property on behalf of Russell Gordy, the project’s owner and founder and President of SG Interests.

Buffalo Heights is a 50-acre mixed-use district located near Houston’s Buffalo Bayou Park, Memorial Park, The Heights, Washington Avenue Corridor and Downtown.

Midway is a privately owned real estate investment and development firm that was founded 49 years ago The Midway portfolio of projects completed and/or underway consists of 45 million SF of properties in 23 states and Northern Mexico ranging from mixed-use centers, corporate headquarters, multifamily, entertainment, hospitality, business and industrial parks, and master-planned resort and residential communities.

Headquartered in Houston, BKR Memorial is a privately held, family business under the management of Russell Gordy. In addition to the real estate investment and development business, Mr. Gordy has been engaged in oil and natural gas businesses, ranching, and a variety of other businesses in Texas, Colorado, New Mexico, Montana, Wyoming and throughout the U.S.

The HFF debt placement team representing the borrower was led by managing director Colby Mueck and director Matthew Putterman.

July 19, 2017 Realty News Report Copyright 2017

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