Parkview Financial announced it has provided a $38 million construction loan to Hunington Properties for the development of a 126,500-square-foot, mixed-use multifamily project. The six-story apartment building, located on 1.38-acres at 1107 Shepherd Drive in the Montrose/River Oaks submarket of Houston, TX, will include 168 residential units, more than 20,475 square feet of ground-level retail space, and an above-grade parking structure with 305 spaces.
Financing for the project was arranged by Greystone Capital Advisors. Construction has now commenced with anticipated completion for mid-2021.
“Parkview Financial is pleased to work with Hunington Properties, an experienced Houston-based full-service commercial real estate firm,” said Paul Rahimian, CEO of Parkview Financial. “This project promises to be highly competitive and successful as it will offer best-in-class amenities to prospective tenants at a lower per-unit rental rate compared to other nearby communities, due to the smaller floor plan design.”
The tenant amenities at 1107 Shepherd Drive will include a rooftop deck, resort-style pool, outdoor kitchen, fitness center with vinyl plank flooring, clubhouse with quartz surfaces, business center, lush landscaping, dog park, outdoor space with stadium seating, and a leasing office. Each unit will include a full stainless-steel appliance package in the kitchen with an electric range and oven with vent-hood and built-in microwave, and a washer and dryer in the unit. Select units will feature balconies or private patios.
The Houston area is home to 20 Fortune 500 headquarters, while many other Fortune 500 companies maintain administrative headquarters in Houston. The Houston apartment market is comprised of 574,739 units in 23 geographic concentrations ranging in size from the 55,527-unit Montrose/River Oaks submarket to the Baytown/San Jacinto River East submarket, which accounts for 8,174 units.
