Montrose Collective Thedevelopment will include 50,000 square feet of retail and 100,000square feet of office space.

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HOUSTON—The Montrose Collective is a four-building mixed-usedevelopment with 150,000 square feet of creative office and retailspace in Houston's Montrose District. It comprises four landparcels totaling 2.44 acres at the corner of Westheimer Road andMontrose Boulevard.

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Construction financing and joint venture equity in the amount of$104.75 million was recently arranged for the project. A JLLcapital markets team worked on behalf of the borrower, RadomCapital, to secure the construction loan with Bank OZK and jointventure equity from institutional investors advised by JP MorganAsset Management.

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The existing property housing Uchi, Southside Espresso, Hue andRosemont will remain operational during construction. The remainingacreage will be developed into a six-story 150,000 square-footbuilding with ground-level retail and restaurant space,second-floor medical office and service retail space, and creativeoffice space on the upper floors. In addition, a three-story retailbuilding with upper floors will be occupied by a new10,000-square-foot branch of the Montrose Library. In total, theproject will offer retail frontage on four streets, public andprivate parking, patio and green space alongside the 50,000 squarefeet of retail and 100,000 square feet of office space.

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The project is located in the Montrose District, which ispositioned between downtown, the Texas Medical Center, RiceUniversity and River Oaks. This neighborhood has quickly become oneof the trendiest and in-demand Houston neighborhoods with dozens ofrestaurants, museums and three of the city's top universitieswithin a three-mile radius. Additionally, the Montrose Collectivehas access to Houston's major freeways, including Interstates 45and 10, State Highway 288 and US Route 59, as well as the nearbylight rail line, which provides service between downtown and theMedical Center.

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The JLL team representing the borrower was led by seniormanaging directors Colby Mueck and Ryan West, senior directorMatthew Putterman, and analysts Jett Lucia and MatthewWilliamson.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.