{"id":1004121583,"date":"2015-06-19T09:32:01","date_gmt":"2015-06-19T17:32:01","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=353298"},"modified":"2022-12-06T03:35:23","modified_gmt":"2022-12-06T11:35:23","slug":"luxury-begets-luxury-in-houstons-hottest-submarkets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/luxury-begets-luxury-in-houstons-hottest-submarkets\/","title":{"rendered":"Luxury Begets Luxury in Houston\u2019s Hottest Submarkets"},"content":{"rendered":"<p><em>By Liviu Oltean, Associate Editor<\/em><\/p>\n<p>As if the Inner Loop and the Galleria-Uptown submarkets weren\u2019t enough to attract luxury developments, OliverMcMillan\u2019s River Oaks District project is slowly becoming a magnet in and of itself. A joint venture between The Carlyle Group and Pelican Builders just secured a $55.2 million senior loan for the development of The Wilshire, a 17-story, 96-unit luxury condominium project. The loan was originated by PCCP, LLC.<\/p>\n<div id=\"attachment_353300\" class=\"wp-caption alignright\" style=\"width: 220px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/The-Wilshire.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-353300 \" title=\"The Wilshire\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/The-Wilshire.jpg\" alt=\"The Wilshire\" width=\"210\" height=\"168\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">The Wilshire<\/p>\n<\/div>\n<p>The Wilshire will rise on a tract located at 2049 Westcreek Lane, adjacent to OliverMcMillan\u2019s 650,000-square-foot mixed-use project. Upon completion, River Oaks District will include 252,000 square feet of luxury retail; restaurants; street-side cafes and entertainment; 92,000 square feet of office space; and 279 residential units.<\/p>\n<p>\u201cPCCP\u2019s loan will provide the project\u2019s joint venture ownership with the majority of funding needed to develop this Class A residential project,\u201d said Ron Bonneau, senior vice president with PCCP. \u201cThis asset will be delivered within a market where demand is outpacing supply for this luxury property type, and we are confident that the ownership has the experience and vision to realize a favorable outcome for The Wilshire.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As if the Inner Loop and the Galleria-Uptown submarkets weren&#8217;t enough to attract luxury developments, OliverMcMillan&rsquo;s River Oaks District project is slowly becoming a magnet in and of itself. <\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21742],"tags":[],"class_list":["post-1004121583","post","type-post","status-publish","format-standard","hentry","category-houston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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