Kevin Holland, a loan officer for Live Oak Capital Ltd. inHouston, arranged the $13.12-million loan through Regions Bank. Thetwo-year, floating-rate loan is 90% of the projected developmentcost. It is priced 180 basis points over the 30-day LIBOR on aninterest-only basis.
"They've put together an amazing project," Holland says. "I'd behard pressed to point out another project of this quality aroundLake Conroe."
Located at Texas 105 and Tejas Boulevard, the overall projectwill include two two-story retail buildings facing a park-likeplaza, two lakefront restaurant pavilions and four mid-riseresidential condominium buildings. It also will have a 2,000-footlakefront boardwalk with private and public boat slips.
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