$72 Mil in Loans Close for Multifamily Projects

HOUSTON-Houston’s L.J. Melody & Co. has arranged $72 million in financing packages for multifamily projects in Houston and Madison, WI.

Houston’s 3333 Allen Parkway is a 252-unit, luxury high-rise that recently broke ground in an upscale neighborhood between downtown and the Galleria. Developer Simmons Vedder used the project to secure a loan of more than $59 million. Corus Bank of Chicago provided the financing. Tom Fish and Holly Minter, both in L.J. Melody’s Houston office, arranged the equity and construction package. The Peabody Group, a co-sponsored fund of the O’Connor Group and JP Morgan, is the equity partner.

The Campus Village Apartments, a 119-unit, class A property at the University of Wisconsin-Madison, secured a $13.5-million loan. Bank of America financed the project for owner Mills Spring LLC. Michael Lee of L.J. Melody’s Milwaukee office handled the arrangements.