HFF announced it has arranged a construction-permanent loan for the development of 2929 Weslayan, a 254-unit, 40-story multifamily development in Houston.
HFF worked exclusively on behalf of partners PM Realty Group and the INDURE Fund, a co-mingled real estate fund managed by National Real Estate Advisors, to secure the loan through Pacific Life.
Due for completion in the first quarter of 2015, 2929 Weslayan will include 12,156 square feet of ground floor retail and a 547-space parking garage. Amenities of the property on 1.7 acres at the northeast corner of Weslayan Street and West Alabama Street near the Highland Village shopping area will include a fitness center, pool lounge and club area, cabana, fire pit and room service from the restaurant on-site.
The HFF team representing the borrower was led by senior managing director Whitaker Johnson, managing director Rob Rizzi and director Cameron Cureton.
Rizzi said Houston-based PM Realty Group has proven adept in developing top-tier multifamily properties, "and this project, in one of the top performing apartment markets in the country, will be no exception."