Riverstone Town Center Developer Obtains $18M in Financing

The Marcel Group obtained $17.6 million in financing to build the 63,000-square-foot Riverstone Town Center in Sugar Land, TX. The developer, which launched construction on the mixed-use property at the 3,200-acre Cross Creek Ranch master-planned community, obtained $3.4 million in equity and a $14.2 million construction loan.

Jeff Stein with CBRE secured 94% of the total capital stack, including a 76% loan-to-construction loan with a regional bank. The low-floating interest rate loan came with 24 months of interest only and a 25-year amortization. CBRE also secured the equity from a private investor.

Construction on Riverstone Town Center is expected to be completed by the end of 2019, with stabilization anticipated to take 18 months. Gensler is the architect of record.

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