$38M Loan Secured for 168-Unit Interpose Multifamily Development
Parkview Financial provided $38 million in construction financing for development of The Interpose, a 168-unit apartment building in Houston’s Montrose/River Oaks submarket. Greystone Capital Advisors arranged financing on the project.
The sponsor and developer, Hunington Properties, broke ground on the project, situated on 1.4 acres at 1107 Shepherd Dr., with completion anticipated for mid-2021. The project will include more than 20,475 square foot of ground-level retail space, as well as an above-grade parking structure containing 305 spaces. Tenant amenities offered will be a rooftop deck, resort-style pool, outdoor kitchen, fitness center, clubhouse, business center, dog park, outdoor space with stadium seating and a leasing office.
“This project promises to be highly competitive and successful, as it will offer best-in-class amenities to prospective tenants at a lower per-unit rental rate compared to other nearby communities, due to the smaller floor plan design,” said Paul Rahimian with Parkview Financial.