HOUSTON--(BUSINESS WIRE)--3650 REIT, a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers, is pleased to announce it has originated a $31 million loan for the construction of 4411 San Felipe, a 95,000-square-foot mixed-use project consisting of retail and office space located at 4411 San Felipe Street in Houston, Texas. The loan carries a term of 30 months and is provided to sponsor DC Partners, a Houston-based development and investment firm with a portfolio comprising 1.5 million square feet and $500 million currently in development.
“We are pleased to close the year strong with this loan for the San Felipe project, which involves a best-in-class sponsor with a clear path to deliver high-end office and boutique retail space in the desirable Post Oak Park submarket of Houston,” said 3650 REIT Co-Founder and Managing Partner Jonathan Roth. “With our origination of over $125 million on our bridge and event-driven platform this month alone, we head into 2021 with great momentum, and look forward to capitalizing on the many opportunities we see to meet borrowers’ unique needs and continue to grow our differentiated lending platform.”
4411 San Felipe will include ground-floor retail and three levels of office space above three levels of parking. The property will offer office tenants views of downtown Houston while providing retail storefronts maximum exposure on San Felipe Street. The building has significant pre-leasing and is situated within Houston’s Post Oak Park submarket, which is considered one of the city’s few live-work-play neighborhoods with class A office, multifamily, upscale retail, fine dining and luxury hotels. Just minutes from the Houston Galleria, Uptown Park and the River Oaks District, the property provides immediate access to I-610 for easy commuting. Sponsor DC Partners selected 3650 REIT for the financing based upon a pre-existing relationship and 3650 REIT’s understanding of the dynamics of the Post Oak Park submarket in a city that has been overlooked by other lenders.
Doug Dillard, CFO of DC Partners stated, “The 3650 REIT team was able to deliver surety of execution at a time when many lenders could not, and was focused on building a long-term relationship with us from day one. Recognizing the significant opportunity in the growing Houston market, 4411 San Felipe’s location next to our luxury Arabella condominium development will help ensure its success as a live-work-play hub in the city’s Uptown business district.”
Houston’s Post Oak Park submarket provides a unique mix of commercial amenities and residential properties within the greater Houston market. According to the Greater Houston Partnership, the Houston metro area had the third-largest population growth in the country between 2018 and 2019.
Michael Fleischer and Shin Bowers led the transaction team for 3650 REIT.
About 3650 REIT
3650 (pronounced “Thirty-Six Fifty”) REIT is a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers. 3650 REIT’s highly differentiated lending process, national scale, vertically integrated platform and Rated Special Servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets with track records of success across CRE lending, mortgage banking, capital markets, loan servicing and distressed credit management. Headquartered in Miami, Florida with offices in New York, Los Angeles, Chicago, Dallas, and Nashville, 3650 REIT is well positioned to lend on properties located throughout the country. For more information, visit: www.3650REIT.com.