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TEXAS/SOUTHWEST NEWS
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Development of Houston Res Tower Funded with $55 Mil Loan

6/17/15

PCCP LLC has provided a $55.2 mil senior loan to a joint venture between The Carlyle Group and Pelican Builders for the ground-up development of The Wilshire, a 17-story, 96-unit luxury condominium project in the River Oaks submarket of Houston, TX. Construction is underway with completion of the project anticipated for mid-2017.

The Wilshire is located at 2049 Westcreek Lane, and is adjacent to a 650k sf, mixed-use project called The River Oaks District, which is currently being developed by Oliver McMillan. The River Oaks District is the impetus for the development of the immediate area surrounding The Wilshire and will contain 252k sf of luxury retail, fine dining, and entertainment, as well as 92k sf of Class A office space and 279 luxury rental units. The Wilshire will provide direct walkability, which is unique for Houston and provides another key selling point for potential buyers.

The Wilshire is located in the Inner Loop of Houston, adjacent to the Galleria/Uptown submarket and the affluent River Oaks neighborhood. The Galleria/Uptown market includes more than 80,000 employees and some of the nation’s largest financial firms including Citigroup, UBS, and Morgan Stanley. Additionally, there are more than 1,000 stores across 5 msf of retail space. The Wilshire has efficient access to Loop 610, I-10, and US-59, providing access to all parts of Houston including downtown, which is just five miles east and employs over 150,000 people.

The financing was arranged by Adam Allen of ARA Houston. The loan will provide the project’s joint venture ownership with the majority of the funding needed to develop this Class A residential project, according to Ron Bonneau, senior vice president with PCCP LLC.

“This asset will be delivered within a market where demand is outpacing supply for this luxury property type, and we are confident that the ownership has the experience and vision to realize a favorable outcome for The Wilshire.”

Houston-based Pelican is an experienced for-sale residential developer. Pelican has developed 880 high-rise and mid-rise residences along with 700 townhomes throughout the Houston area. The firm also developed Highland Tower in 2010, a 93-unit luxury condo tower located just a few blocks from The Wilshire, and is in the process of delivering 24 luxury townhomes directly next door to Highland Tower, all of which are sold.





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