Search
 

Amstar Borrows $33 Mil for Houston Project

DENVER-An affiliate of the Amstar Group has secured a $33-million loan for a 437-unit multifamily project in Houston. The 10-acre development is being undertaken with the Houston-based Morgan Group.

By John Rebchook | Updated on March 20, 2001

DENVER-Bank of America has provided a $33-million multifamily property loan to an affiliate of Denver-based Amstar Group.

“This is our second transaction with Bank of America in just the past few months,” says Brad O’Neil, Amstar’s finance director. “We expanded our relationship in October with a $30-million loan to finance the renovation of Nordic Hills Resort & Conference Center in Itasca, IL, a western suburb of Chicago.”

Amstar’s affiliate will use the $33-million, 36-month, floating rate loan to fund construction of the company’s first apartment community in Houston, the Estates at Memorial Heights. The 437-unit complex is under construction on a 10-acre site in the upscale Memorial Heights neighborhood. The Morgan Group Inc., a national multifamily developer based in Houston, is developing the property at Memorial Parkway and Studemont Street.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.