HOUSTON – Hanover Co., a Houston-based multifamily developer, has secured a $67 million loan to finance Hanover Montrose, a high-rise rental tower under construction at 3400 Montrose Blvd., just south of Westheimer Road in Houston.
Q10 | Kinghorn, Driver, Hough & Co. Senior Vice President Buddy Hopson secured the construction to permanent loan for the new multi-family high-rise in the Houston’s popular inner loop. The high-rise apartment building will feature 327 units.
Financing was provided by a KDH correspondent life insurance company for Hanover.
Buddy Hopson commented, “The construction to perm loan structure allowed the borrower to lock in a lower interest rate for the long term which fit perfectly with their long term hold perspective for the property”.
Q10|Kinghorn, Driver, Hough & Co. is a Texas-based full service commercial mortgage banking company.