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Class-A 620-Unit Multifamily is Positioned for Long-Term Performance

PCCP LLC recently provided an $86.3 million senior loan for the acquisition and renovation of Domain and Lofts at CityCentre. This class-A multifamily project with 620 units is located at 811 Town and Country Boulevard in Houston.

The assets are located in CityCentre, a 37-acre, three-million-square-foot walkable mixed-use development. The borrower is Madera Residential, a Texas-based multifamily owner/operator, and the seller is JP Morgan.

“The borrower will execute a light capital improvement plan as well as work to increase income, which declined during the COVID crisis,” said Ron Bonneau, managing director with PCCP. “The property is approximately 94 percent leased, and we believe it is positioned to perform well over the long-term given its strong location in CityCentre, which is one of the best mixed-use developments in Houston.”

CityCentre includes more than 650,000 square feet of retail, a five-star hotel, multifamily and more than 1 million square feet of office space.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition