HOUSTON – Transwestern has arranged the construction financing for the Arabella, a 99-unit condominium tower to be developed on the southeast corner of San Felipe Road and Westcreek Lane in Houston’s Inner Loop.
The 33-story property is scheduled for completion in the fall of 2017. Transwestern Managing Directors Jan Sparks and Michael Snodgrass arranged the financing on behalf of developer Randall Davis of D.C. Partners.
“Arabella’s financing structure was an extremely complex transaction as it was comprised of numerous tranches of capital, including a first lien construction loan, mezzanine construction loan and multiple EB-5 investors, along with local and international equity partners,” said Snodgrass.
The EB-5 Immigrant Investor Program allows foreign nationals to obtain an expedited green card in exchange for stimulating the U.S. economy through job creation through foreign capital investment.
Located next to the River Oaks District and only three blocks from The Galleria, Arabella is expected to break ground in October. The high-rise will have penthouses with private swimming pools on the upper floors and a variety of floor plans, most with private elevator entries.
The project’s architect of record is Powers Brown Architecture and the general contractor is GT Leach.