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CONROE, TX-Ten acres that have been in the Martin family for half a century is now being developed into the Heritage at Hooper Hill, a $13.5-million, class A multifamily development near the historic downtown.

Brothers Guy and Jay Martin of Conroe will team with Locke Braly of Integral Properties Inc. of Houston and two former executives for Camden Property Trust, Frank Ratliff and Scott Hawke, who formed a general contracting firm, Tarken Builders Ltd. The teammates will develop the 200-unit complex at 901 Wilson Rd. as HHHA Partners Ltd.”The Heritage is the first project that the partnership has done as a group,” says Jim Kirkpatrick, vice president of Live Oak Capital Ltd., who arranged the $11.5-million construction loan with Roger Dickey of Birmingham, AL-based Regions Bank. The three-year loan is a floating rate over Libor and includes two one-year extensions.

Heritage at Hooper Hill will rise on land between Interstate 45 and North Frazier Street, the closest class A community to the historic downtown. The complex’s mix will have one-, two- and three-bedroom units, averaging 913 sf. The monthly rents will range from $600 to $1,000.

Kirkpatrick tells GlobeSt.com that it was somewhat of a challenge to find a lender willing to finance the project. “Because Houston is overbuilt in some areas, we had to do a demand analysis of Conroe and provide demand,” he says.

Braly says Heritage at Hooper Hill, designed by the Clerkley Watkins Group of Houston, is scheduled for completion in late 2005. “It’s a traditional two- and three-story, garden-style complex,” he says.

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