Thirty-five new luxury condo residences in the $145 million The Luxe development have hit the market.

Not only is a Rainey District property setting a high bar for its construction loan amount of $87.9 million, but also as one that is allowing short-term rentals rather than restricting them.

Average monthly rents near $1,700 for Houston's urban core mid-rise developments top the prices for similar projects in spots such as the Galleria-Uptown, Katy and The Woodlands by 10% to 15%.

The loans were originated by the firm's recently launched CrossHarbor Senior Debt Income Fund, which is based in Chicago. The fund partnered with National Life Group to provide Scannell Properties of Indianapolis with the construction financings.