{"id":1004128759,"date":"2015-10-06T05:31:07","date_gmt":"2015-10-06T13:31:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004128759"},"modified":"2020-05-17T22:58:26","modified_gmt":"2020-05-18T06:58:26","slug":"most-luxurious-condo-in-houston-gets-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/most-luxurious-condo-in-houston-gets-financing\/","title":{"rendered":"\u2018Most Luxurious\u2019 Condo in Houston Gets Financing"},"content":{"rendered":"<div id=\"attachment_1004128760\" style=\"width: 210px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/michael-snodgrass.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004128760\" data-attachment-id=\"1004128760\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/most-luxurious-condo-in-houston-gets-financing\/michael-snodgrass\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/michael-snodgrass.jpg\" data-orig-size=\"750,1125\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;Gittings HEX&quot;,&quot;camera&quot;:&quot;Canon EOS-1DS&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1315566639&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;150&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"michael snodgrass\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Michael Snodgrass&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/michael-snodgrass.jpg?w=683\" class=\"size-medium wp-image-1004128760\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/michael-snodgrass.jpg\" alt=\"Michael Snodgrass\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/michael-snodgrass.jpg 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/michael-snodgrass.jpg?resize=200,300 200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/michael-snodgrass.jpg?resize=683,1024 683w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><p id=\"caption-attachment-1004128760\" class=\"wp-caption-text\">Michael Snodgrass<\/p><\/div>\n<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.transwestern.net\/\" rel=\"nofollow\">Transwestern<\/a> has arranged construction financing for the Arabella, a 33-story luxury condominium tower in Houston on behalf of developer, Randall Davis of D.C. Partners.<\/p>\n<p>\u201cThe Arabella will be one of the most luxurious residential towers in the city,\u201d Michael Snodgrass, Transwestern\u2019s managing director, structured finance, told <em>Commercial Property Executive<\/em>. \u201cSome of the residences will have private elevator entrances and private swimming pools on the balconies. The penthouses will have 12-foot ceilings and heated floors in the master bathrooms.\u201d<\/p>\n<p>Arabella\u2019s financing structure was comprised of numerous tranches of capital, including a first lien construction loan, mezzanine construction loan and multiple EB-5 investors, along with local and international equity partners.<\/p>\n<p>When completed, the Arabella will consist of 99 residences, including penthouses with private swimming pools on the upper floors and a variety of floor plans, most with private elevator entries.<\/p>\n<p>\u201cHouston\u2019s condo market is inadequate for the high demand we\u2019ve seen lately. When you look at upscale, high-rise condo towers in cities like Dallas, Atlanta and Chicago, by comparison Houston has very little luxury condos being developed,\u201d Jan Sparks, Transwestern\u2019s managing director, told <em>CPE<\/em>. \u201cWe are going through an urbanization phase to catch up with those cities as Houston becomes more of an international city where urban high-rise living is more appealing.\u201d<\/p>\n<p>The Arabella is located between the Galleria and River Oaks, and it\u2019s within walking distance to the newly completed mixed-use River Oaks District, which has numerous shops, restaurants and a movie theater.<\/p>\n<p>According to Sparks, right now, if someone is in the market for a new high-rise condo in the Galleria that they can move into in the next year, there\u2019s very little inventory and even secondary market re-sales have limited inventory.<\/p>\n<p>\u201cThe Belfiore and Astoria, which are the only luxury condo towers in the Galleria, are nearly sold out,\u201d she said. \u201cAll other projects are just now breaking ground, meaning they won\u2019t deliver until 2017.\u201d<\/p>\n<p>The Arabella is scheduled to be completed in the fall of 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transwestern sees major opportunity in Houston&#8217;s white-hot condo market.<\/p>\n","protected":false},"author":1269,"featured_media":1004128760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1589,21742],"tags":[],"class_list":["post-1004128759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-houston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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