Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

KINGWOOD, TX-Midway Cos. has secured a $14.3-million construction loan to keep development moving on the first phase of the $50-million Kings Harbor Place in the Kingwood-Atascocita submarket. The project’s preleasing is resting at 50% for the initial 80,000 sf of mixed-use space.

The initial phase will contain 66,000 sf of upscale retail and restaurant space, 14,000 sf of office space and a parking garage on nine of the project’s 19 acres. The residential component, which is under way, calls for 36 condos and 33 brownstones. Construction will take nine to 12 months before the class A commercial space delivers.

Brant Smith, vice president with Capmark Finance Inc. in Houston, says the loan wasn’t difficult to place although mixed-use projects aren’t common in Kingwood. Regions Bank provided the financing in a standard two-year package of interest-only payments with a floating rate and an extension option.

“This was a coveted loan by several of the local banks because Midway has a sterling reputation in the market,” Smith tells GlobeSt.com. “The strength and sterling reputation of Midway and the uniqueness of the asset at the waterfront attracted a lot of interest.”

Capmark also arranged financing for the Houston-based Midway’s recent $25-million acquisition of a 300-unit multifamily asset adjacent to the Kings Harbor site. “They’re not seeking any more funding right now, not until construction is complete,” he adds. “At that time, they’ll determine the next step in financing.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.