Developer Draws $18M For Apartment Community In northwest Houston
HS Development locked down financing for the construction of The Edge at Langham Creek, a 115-unit multifamily property in northwest Houston.
MidHudson provided $1.75M in preferred equity for construction financing, the final piece of the $18M capitalization for the project, according to a release by Berkadia.
Berkadia's Mark Crosswell and Eric Kline represented the developer, HS Development.
“We had originally sought a traditional equity partner to finance the cumbersome reserves for HUD-financed housing developments, but through the Berkadia network, we were able to identify a new provider, MidHudson Capital, that had a product specifically for this type of funding requirement,” Crosswell said in the release. “Their knowledge of HUD’s 221(d)(4) senior financing program made them easy to work with and allowed us to meet a tight deadline.”
The property sits on the southwest corner of Yorktown Crossing Parkway and Homma Drive near Highway 6, which provides access to the Bear Creek area.
“The Edge at Langham Creek is well-positioned to benefit from pent-up demand in this developed area,” Crosswell said. “Most of the multifamily development in the Bear Creek/Katy submarket is focused in the Energy Corridor along Interstate 10. New supply has been limited further north in the developed area surrounding the subject site.”