HOUSTON--Kinghorn, Driver, Hough & Co. (KDH) has secured a $67 million construction-to-permanent loan for a new multifamily high-rise to be located in Houston's inner loop. Financing was provided by the KDH correspondent life company, The Hanover Co. 

The commercial mortgage banking company's senior vice president Buddy Hopson led the transaction.

“The borrower was able to lock in a competitive long-term rate for this project on the front end of this development, and the combination construction-to-permanent loan structure saved the developer the costs of two separate loan closings,” Hopson said to GlobeSt.com.

The building, at 3400 Montrose, will feature 327 apartments and dramatic views of downtown Houston. The ground floor will contain leasing offices, a lobby lounge area, business center, and mailroom. The ninth floor will have a fitness center, demonstration kitchen, resident lounge, cyber lounge, movie-screening room, conference and dining rooms. The outside pool deck area, also to be located on the ninth floor, will offer a swimming pool, cabanas, lawn areas, multiple outdoor grilling stations, and various outdoor dining and seating areas.

Unit amenities will include kitchens with flat-panel, wood-grain contemporary cabinets, stainless-steel appliances, stone countertops, engineered wood floors, and islands and pantries in select units. Living areas will offer high ceilings, track lighting and computer niches and/or dry bars in select units. Bathrooms will include flat-panel, wood-grain contemporary cabinets, custom-framed mirrors and garden tubs.