XAG Group has obtained a $58.9 million construction loan to start work on Rasha at Audubon, a 326-unit multifamily project in Magnolia, northwest of Houston. HALL Structured Finance provided the loan. The project will also include a 30,000-square-foot, two-story retail center.
The master-planned community reserves about 550 acres for mixed-use development, such as retail and dining venues, alongside thousands of homes, according to the release.
Rasha at Audubon’s midrise apartments will include a fitness center, a yoga studio, a family movie theater and a game room as well as elevators, a business center and coworking spaces, according to the release.
The two-story retail center is slated to open in early 2024 in Audubon, a master-planned community spanning nearly 3,000 acres off FM 1488 in Magnolia. Audubon Magnolia Development LLC announced in a June 12 release it had closed on approximately 20 acres in Audubon for XAG Group to construct a lifestyle retail center and multifamily community. The garden-style property will consist of five three-story buildings and two four-story buildings. Select residences will include furnished units with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios/yards. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park.
“Magnolia is an unbeatable strategic location to access The Woodlands, Cypress, [George Bush Intercontinental Airport] and College Station,” said John Wang, senior development and investments manager with XAG, in the release. “With more and more families moving to Houston, we can see the growth of Magnolia and want to create a place where our residents can enjoy their daily activities, have the belonging sense of community and the accessibility of nature.”
Cullen Atchison of The Houston Group Realty Advisors arranged the loan on behalf of XAG Group.
Founded in 2017, XAG Group is a privately owned, full-service company with experience in retail leasing, tenant representation, land brokerage, commercial development, and property management.