Luxury Begets Luxury in Houston’s Hottest Submarkets
- Jun 19, 2015
As if the Inner Loop and the Galleria-Uptown submarkets weren’t enough to attract luxury developments, OliverMcMillan’s 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.
The Wilshire will rise on a tract located at 2049 Westcreek Lane, adjacent to OliverMcMillan’s 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.
“PCCP’s loan will provide the project’s joint venture ownership with the majority of funding needed to develop this Class A residential project,” said Ron Bonneau, senior vice president with PCCP. “This 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.”