HOUSTON – Astoria, a 29-story high-rise condominium in Houston’s Galleria submarket will be completed in December 2016. Randall Davis is the developer of the tower, which will have a total of 75 residences at 1405 Post Oak Blvd. in Houston’s Uptown area.
Transwestern arranged construction financing for the project, which is under construction.
.Transwestern’s Managing Directors Jan Sparks and Michael Snodgrass organized the financing on behalf of developer Randall Davis of D.C. Partners. The project’s architect of record is Page Southerland Page and the general contractor is G.T. Leach Constructors LLC.
“It was a challenge to find a construction lender willing and able to take on a ground-up, for-sale condominium development of this size on a non-recourse basis,” Sparks said. “Randall Davis has once again demonstrated his skill and expertise in knowing what works and what is truly appealing for condominium buyers in Houston.”
The Uptown area has a strong appeal to affluent buyers from Mexico. Individual investors provided equity funding for the Astoria through the Houston EB5 Regional Center, an entity created via the U.S. Citizenship and Immigration Services’ EB-5 Visa program, which allows foreign nationals to obtain a green card by investing money in the United States. Foreign nationals may receive permanent U.S.residency in return for making a qualified investment in a commercial enterprise that creates U.S. jobs.