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Standard in the Heights Gets Refi to Replace Construction Loan
Square Mile Capital Management LLC recently originated a loan secured by Standard in the Heights, a 301-unit multifamily building located in Houston. The financing, which replaces the project construction loan, was made to Ojala Partners.
Standard in the Heights marks Square Mile Capital’s first transaction with Ojala Partners, a Texas-based real estate development firm. Construction began in 2018 and the property was delivered in November 2020.
“This transaction represents a great opportunity to refinance a high-quality, recently delivered multifamily asset that has leased extraordinarily well throughout so much uncertainty,” says Tom Burns, Square Mile Capital principal. “The property is located in the Greater Heights submarket of Houston, which we believe will continue to benefit from its walkability, F&B offerings and quality of life.”
The property is directly adjacent to M-K-T, a recently delivered 16.5-acre development with 4 acres of green space, and more than 30 merchants and restaurants.
The transaction was brokered by Cameron Cureton and Steve Heldenfels of JLL’s Houston and Dallas offices.
- ◦Financing
