By Katherine Feser
Austin-based Aspen Heights and partner Safanad, a global investment firm with offices in New York, London and Dubai, have refinanced a construction loan for the Aspen Houston student housing project near the University of Houston and two other properties near Iowa State University and Coastal Carolina University in South Carolina. Doug Opalka, Casey Wenzel and Michael Johnson of HFF arranged a three-year, floating-rate loan through a large institutional lender. Built in 2017, Aspen Houston consists of 717 beds in two four-story buildings at 4971 Martin Luther King Blvd. The building is on the Metro rail line, across the street from MacGregor Park.
Tremont Mortgage Trust provided a $28 million first mortgage bridge loan to refinance 1711 Caroline Apartments in Midtown. Built in 2015, the 220-unit midrise is a property of Dallas-based Leon Capital Group.
Dallas-based Sam Moon Group has arranged financing for the development of a 5-story, 148-room Hyatt House extended-stay hotel at its 70-acre Metropark Square mixed-use project in Shenandoah. The senior lender is Veritex Community Bank and Bedrock Group raised EB-5 funds. VCC is the contractor, and Type Six is the architect for the hotel, which is slated to open in November 2020. Metropark Square, on Interstate 45 south of Texas 242, recently opened a 10-screen AMC movie theater and a Dave & Buster’s is under construction. The development is planned for apartments, restaurants and other retail surrounding a central green space with a pavilion for events.
Type Six Design & Development specializes in all aspects of commercial
architecture and construction. We provide a completer range of services, from preliminary site analysis and entitlements to architectural design, interior design, engineering, construction documents, construction specifications and construction administration.