HFF arranges $37.5 million financing for luxury apartment project in Houston’s Museum District
HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $37.5 million in financing for the development of Cappella Museum District, a 224-unit, seven-story luxury apartment project in Houston’s Museum District.
Working on behalf of the developer, Tema Development (1988), Inc., HFF placed the construction permanent loan with AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors LLC.
Cappella Museum District is situated on a 2.25-acre site at 1699 Hermann Drive near Jackson Street overlooking Hermann Park and the new McGovern Centennial Gardens. Due for completion in late 2016, the property will have 238,000 square feet of studio, one- and two-bedroom units and five penthouse suites. The property will also have a 12,000-square-foot courtyard and a 351-space, five-story parking garage that will provide direct entry into each floor of residences. The 9,000-square-foot amenity area will include a seasonal ice skating rink, café bar, resident club, conference room, fitness center, yoga room, swimming pool, fire pit, barbecue area, electric car charging station and a sky lounge on the top floor that will provide views of Hermann Park, the Museum District and downtown Houston.
The HFF debt placement team representing the borrower was led by senior managing director Matt Kafka.
About Tema Development (1988), Inc.
Tema Development (1988), Inc., which was established in 1981, also developed The Parklane, a 35-story luxury condominium tower at 1701 Hermann Drive in the Museum District that was developed in the early 1980s. The developer is planning two other projects in the Museum District.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.