Mavik Provides $172M for Stalled Houston Project

Mavik Capital Management has provided a $172 million first mortgage to an affiliate of Raven Capital Management to recapitalize and complete the construction of X Houston, a 475-unit luxury high-rise multifamily development in the Museum District of Houston. Construction is currently 50% complete, with the project only 4 floors from topping out.

The project was stalled until the latest financing. Mavik’s entry into the development allows Raven to restart construction on X Houston immediately, with construction expected to be completed on the property in 12 months. Raven is providing Mavik with a repayment guaranty (i.e., recourse) from its fund. As a result, Mavik’s loan is a hybrid of a secured first mortgage and an NAV loan.

Mavik is a multi-strategy, credit-focused investment firm that focuses on U.S. commercial real estate credit and special situations investments. It has more than $1 billion in assets under management.