Mavik Capital provided a $172M loan to an affiliate of Raven Capital Management to complete the construction of X Houston, a 475-unit co-living high-rise in the Museum District.

The construction has been stalled for more than a year after financing fell through last year, the Houston Chronicle reported. Raven, a partner of the Chicago-based developer X Co., will use the funding to rescue the project, the outlet reported, citing a source familiar with the deal.

Construction could restart this month. Contractors had previously filed liens on the project totaling more than $67M for unpaid work, the Chronicle reported, citing Harris County records. Contractor Hoar Construction told the outlet the claims have been settled.

SALES

Excellent Minds Academy acquired a 20K SF building on 4 acres at 2600 Stanley Lane in El Lago. Lee & Associates' John Gazzola represented the seller, Odyssey 2020 Academy, along with Frank Blackwood.

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Mickle & Lucky Estates, an LLC based in Anaheim, California, purchased the 72-key Holiday Inn Express & Suites Houston Northwest Tomball Area at 14055 Park Drive in Tomball. The buyer was a first-time hotel investor taking advantage of a 1031 exchange.

The seller was PH Lodging Tomball LLC, based in Tampa, Florida. HVS Brokerage & Advisory brokered the sale to PH Lodging in 2016 as well as brokering the most recent sale. HVS’ Eric Guerrero, James Rebullida, Fadi Rawashdeh and Kyle Peterek participated in the transaction.

The financing was structured with an SBA 7(a) and pari passu loan at a 70% loan-to-value ratio.

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Fidelis Realty Partners acquired 33 acres at the entry to The Trails, a community of new homes from Castle Hill Partners in New Caney.

Plans for the property at the northeast corner of Plum Grove Road and the Grand Parkway call for a large-format retail shopping center for residents of The Trails and surrounding areas. At full build-out, The Trails will offer more than 2,000 homesites.

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Marcus & Millichap brokered the sale and financing of Providence Plaza, a 90K SF shopping center at 9402-9478 Highway 6 S. in Houston.

Alex Wolansky and Gus Lagos marketed the property on behalf of the seller, Whitestone REIT, and procured the buyer, a local investor. Jamie Safier of Marcus & Millichap Capital Corp., a subsidiary of Marcus & Millichap, arranged third-party financing for the buyer.

Built in 1984 and renovated in 2018, Providence Plaza spans 8 acres at the southwest corner of Highway 6 and Bissonnet Street. The property is 97% occupied. Tenants include Dollar Tree, Spec’s, restaurants, medical practices and specialty grocery stores.

CONSTRUCTION AND DEVELOPMENT

Construction is underway on more than 400 homes at The Grand Prairie, a 1,730-acre master-planned community in Hockley developed by Houston-based Ember Real Estate Investment and Development.

Lennar started construction on more than 200 homes in The Highlands at The Grand Prairie, the community’s newest village. The designs range from 1,325 to 3,240 SF, and the homes are priced from the $250Ks to the $370Ks.

The Grand Prairie will also see the construction of 200-plus additional homes, bringing the total number of homes to more than 400. An amenity complex called The Starlight, slated to open in 2025, will have a pool, a playground, pickleball courts and a clubhouse.

FINANCING

Dallas-based Hall Structured Finance closed on a first-lien construction loan totaling $58.9M for the development of an apartment project in Magnolia. The borrower is XAG Group, a local, privately owned real estate company.

The Rasha at Audubon apartments will provide 326 Class-A, garden-style apartment units across seven buildings. Property amenities will include a fitness center, yoga studio, clubroom, lounge, outdoor grills, dog park, pet-wash station and resort-style pool. The project is part of a 3,000-acre master-planned community known as Audubon and will be its first multifamily development.

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PRP closed on a $291M single-portfolio, single-borrower CMBS loan backed by a five-property logistics portfolio. The loan, underwritten by JPMorgan and arranged by Eastdil Secured, is backed by 4.5M SF of newly constructed Class-A distribution centers fully leased to investment-grade tenants.

The five properties are in Houston, South Carolina, Illinois and Alabama.