July 9, 2018 Comments Off on PCCP Provides $72M for Houston MF Views: 2713 National News, Southwest, Texas News

PCCP Provides $72M for Houston MF

The Dinerstein Companies and Coventry Real Estate Advisors secured a $72-million loan to refinance and stabilize Millennium High Street, a 340-unit, Class A multifamily project in Houston’s Inner Loop/River Oaks submarket. The property, located at 4410 Westheimer Rd., also includes roughly 26,000 square feet of 100%-leased ground floor retail.

Built by the partnership on a 6.3-acre site in 2013, the property consists of four, four-story residential buildings and a seven-story parking garage, with the buildings interconnected via air-conditioned walkways. The residential component, a mix of luxury one, two and three-bedroom units, is currently 96% occupied.

“Millennium High Street is a high quality asset located in one of the strongest multifamily submarkets of Houston,” said Ron Bonneau of PCCP, which provided the loan. “The strong, experienced ownership, superior real estate and strength of the location create durable, long-term value for the asset.”

The financing was arranged by HFF’s Cameron Cureton.

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