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Australian Developer Secures Financing for First U.S. Commercial Development

Caydon to Deliver First High-Rise in Midtown Houston with Development of 27-Story Multifamily Tower
November 7, 2017
Melbourne, Australia-based Caydon Property Group has secured financing for a new commercial real estate project in Midtown Houston that will mark the company's first ever commercial real estate development in the United States.

A privately owned lifestyle and property developer founded in 2002 by current principal, director and CEO Joe Russo, Caydon purchased the 1.6-acre tract at 2850 Fannin St. back in late 2016 for the site of a planned 27-story luxury residential tower - the first high-rise to be developed in Midtown Houston.

Dubbed The Midtown, the tower will feature 357 one- and two-bedroom floorplans with European-style interiors. A groundbreaking has tentatively been scheduled for Q1 2018 with a construction completion date scheduled for the second half of 2019.

Mathew Kafka and Dustin Selzer of HFF's capital markets team placed the loan through the Bank of Ozarks and Invesco Real Estate, a global real estate investment manager, on behalf of Caydon.
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