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 3 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.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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