PCCP, LLC announced it has provided a $30 million senior loan to Madera Residential for the acquisition of Alexan Southside, a 270-unit Class A multifamily community located at 4139 Bellaire Boulevard in the inner loop of Houston, Texas.
Built in 2017, the L-shaped four-story property consists of 190 one-bedroom units averaging 752 square feet (sf) and 80 two-bedroom units averaging 1,241 sf which feature a condo-level finish package including 10’ ceilings, open floorplans, stainless steel appliance packages, custom cabinets, quartz/granite countertops, backsplashes, hardwood flooring, nickel fixtures, washer/dryers, spa-inspired bathrooms and patios/balconies. Residents also have access to a prime amenity package including a lounge, business center, conference room, private dining room, fitness center, pool with sun shelf, outdoor living room with fireplace and private cabanas, professionally landscaped outdoor courtyards, multiple grilling areas and Wi-Fi access in all common spaces. The building wraps a five-story parking deck which has 445 parking spaces.
“This loan provides our firm with an attractive opportunity to lend to Madera Residential, an experienced, repeat PCCP borrower, on a well-located, high-quality asset that we expect will benefit from the continued growth of the surrounding area,” said Ron Bonneau, Managing Director with PCCP.
He added, “Alexan Southside benefits from a core, infill location within Houston between the affluent neighborhoods of Southside Place, West University Place and Bellaire and is less than three miles west of the Texas Medical Center (TMC), the largest medical center in the world.”
Texas Medical Center is the primary demand driver for the area. For perspective, it would be the eighth largest business district in the U.S. if it were a standalone central business district (CBD). TMC has numerous expansion projects in the works that include new hospitals, clinics, research labs and office space. This includes the $3 billion TMC3, a biomedical research facility scheduled to open in 2022 and projected to generate an additional 26,000 jobs in the area. The project is also proximate to other major employment nodes including Galleria/Uptown District, Greenway Plaza, and the Houston CBD.