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Australian developer secures financing for Midtown Houston high-rise

Finance Markets / Latest Activity

Australia

Nov 06 2017

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Olivia Pulsinelli, Houston Business Journal

Melbourne, Australia-based Caydon Property Group has surpassed another milestone in the development of its first U.S. project, a $200 million residential tower in Houston’s Midtown.

Holliday Fenoglio Fowler LP, known as HFF, represented Caydon in securing an undisclosed amount of debt and equity financing through Bank of the Ozarks and Invesco Real Estate. HFF’s capital markets team on the deal included Senior Managing Director Matthew Kafka and Analyst Dustin Selzer.

The 27-story tower, at 2850 Fannin St., will be the first high-rise property in Midtown, Kafka noted in a press release from HFF. 

News of the project — now known as "The Midtown" — broke in mid-2016, and more details were revealed in January. The former Mental Health and Mental Retardation Authority building was torn down to make way for the tower.

Designed by Houston-based Ziegler Cooper Architects, The Midtown will have 357 units, featuring a mix of studio, one- and two-bedroom apartments with high-end finishes and features. 

Common-area amenities will include a private pool with a swim-up bar, fitness center with a yoga studio and a sky lounge overlooking Midtown and downtown Houston. There also will be 12,000 square feet of leasable retail space for shops and restaurants along Main and Drew streets, as well as a parking garage for 482 cars.

This past August, HBJ reported that Caydon acquired more land two blocks north of The Midtown site. Current Standing Developments — formerly known as PLC Capital Corp. — sold the 41,000-square-foot property to Caydon for an undisclosed amount. 

The site currently serves as surface parking for The Greensheet building, a 1955 mid-century office building at 1000 McGowen St. Current Standing plans to redevelop the four-story office building into a mixed-use office, retail, bar and rooftop event space. 

The projects are across Main Street from the newly opened Midtown Park, previously known as the “Superblock” project. The Midtown Redevelopment Authority developed the public park and parking garage on the 6-acre site and is offering an immediate ground lease for a restaurant tenant. Houston-based Camden Property Trust (NYSE: CPT) developed the adjacent multifamily residential project, Camden McGowen Station, as part of the Superblock project. 

SOURCE: Houston Business Journal

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