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1/14/16
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PCCP LLC has provided a $20 mil senior loan for the acquisition and lease-up of the Haven at Westgreen, a newly-constructed, 225-unit Class A multifamily project located in Katy, a western submarket of Houston, TX.
The new ownership is a joint venture between Dallas-based CAF Capital Partners, the Rainier Companies and Chicago-based Blue Vista Capital Management. The seller was Guefen Development Company, a Houston-based multifamily developer who built the property. The financing was arranged by Cortney Cole of HFF in Houston.
“With the acquisition of Haven at Westgreen, CAF and Blue Vista capitalized on a strategic opportunity to acquire Class A newly delivered product in a submarket with a multi-faceted local economy and one of the best school districts in Texas,” said Ronald Bonneau, senior vice president with PCCP. “The property’s high demographic location coupled with the borrower’s multifamily expertise and attractive cost basis will allow them to capitalize on demand in the submarket and lease this property to stabilization.”
The garden-style, low-density property is situated on 6.6 acres and includes one- and two-bedroom unit floorplans. Amenities include a resort-style swimming pool, fitness center, BBQ area, and clubhouse, as well as immediate proximity to the I-10 freeway which provides access to all parts of Houston. Haven at Westgreen is uniquely situated adjacent to a public park, which offers residents park views and access to running trails, and the Property’s amenities have already sparked strong leasing velocity.
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