ACRES Capital Corp. has originated an $89 million loan to fund the construction of The Hawthorne, a 17-story, 67-unit condominium building located in Houston’s upscale Galleria neighborhood.
The loan is provided to sponsors Pelican Builders, a Houston-based development company focused on residential projects that has been active in the area for more than 40 years; and Ranman USA, a leading investment firm focused on the residential housing sector in the center of the U.S.
The Hawthorne will feature:
• 67 Units
• 178 Parking spaces and 67 Storage units
• 164,546 net-sellable square feet, 19,712 square feet of outdoor space
• 67-foot pool with surrounding cabanas
• State-of-the-art fitness center
• Dog park and washing station
• Resident lounge
• Guest suites available for rental
• Terrace spaces
• 24-hour concierge service
The Galleria submarket lies in proximity to single-family home neighborhoods including Tanglewood, River Oaks and Memorial, as well as numerous shopping, dining, hospitality and entertainment destinations. The area is home to more than 28 million square feet of commercial office space, which accounts for approximately 15 percent of Houston’s total class-A office space.