John R. Markowicz, senior vice president for Chicago-based Corus Bank, tells GlobeSt.com that the conversion capital's floating rate kicks in at sub-6% for the 176-unit development. The interest-only loan replaced construction financing with Whitney National Bank of New Orleans and provides an escrow account for embedded costs like marketing.
Markowicz says developer Brett Moody had "some interest brewing, but we didn't have it as a requirement to close." The four-story building, with 270 parking spaces on one floor, sits on 2.5 acres at the intersection of Kirby Drive and Braeswood Boulevard, about four miles northeast of Houston's CBD.
According to Markowicz, the condos' average price is $195,000. The 50-50% mix of one- and two-bedroom units average 1,074 sf. And, he's optimistic the units will sell before the Corus term's up. "It's good product at the right price point," he says.
Moody announced the shift from apartment to condo in an exclusive interview in May with GlobeSt.com. At that time, he projected he'd harvest more than $34 million from the changed plan.
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