The developer of what will be the first purely residential St. Regis-branded project in Texas landed a $255M construction loan.
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The International Bank of Commerce is providing the loan to developer Satya Inc., The Real Deal reported. The $255M loan comes out to $2.8M for each of the 90 condominium units planned in The St. Regis Residences.
The construction loan is a step toward groundbreaking on the 38-story tower on a 4-acre site at 102 Asbury St., which is slated for this year. Construction is expected to be completed 30 months after commencement.
Satya and designer Pickard Chilton released plans for the building last year, revealing that residences would start on the 10th level of the 510-foot glass tower. Price tags will start at $3M, and among the unit mix will be seven penthouses, according to TRD.
The development will also have 40K SF of indoor and outdoor amenities, including a sky terrace with a private dining room on the 26th floor and valet and butler services.
In March, the developer said 40% of the 90 units had already been reserved, and it was bumping the design plan from 37 to 38 stories and reconfiguring unit layouts to better meet demand, the Houston Business Journal reported.
The St. Regis joins other branded residential developments that have popped up in the region, including the 111-unit Ritz-Carlton Residences coming to The Woodlands and an Auberge Resorts Collection hotel that will have 44 condo units in The RO mixed-use development.
Houston’s luxury condo market has grown significantly in recent years as empty nesters and affluent young buyers fueled demand.
The International Bank of Commerce also financed the construction loan for Tiara on the Beach, another luxury condo project that Satya is developing in Galveston.
Construction began in December on that 10-story development, which will be one of a few new condo projects coming to Galveston’s beach after more than 15 years without development.
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