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$9M Loan Seeds 156-Unit Repositioning Plan

HOUSTON-The Inner Loop location of the Timber Grove Condominiums and a restructured JV ownership with another partner parlay an $8.6-million loan for a holding with a low occupancy. More than $2 million will be pumped into upgrades.

By Bonnie Grota | Updated on July 28, 2004

HOUSTON-A group of local investors has secured $8.6 million to reposition an Inner Loop multifamily property with a low occupancy and high potential given its location. More than $2 million will go into interior and exterior renovations.

The joint venture owners of the 156-unit Timber Grove Condominiums, a rental property since it delivered in 1985 at 1710 W. TC Jester Blvd., secured the two-year loan at a floating interest rate from a national bank. Jason Rice, an assistant vice president for Quantum First Capital, a Dallas-based real estate finance and advisory firm, arranged the financing for TGJV LP. Rice tells GlobeSt.com that the local JV recently added another Houston-area partner who helped to secure the loan.

The original four-building Timber Grove was expanded in 1995 and now consists of six three-story buildings and a four-story parking garage. Nestled in a heavily wooded area, the property is situated inside the 610 Loop, with easy access to the downtown, Galleria, Medical Center and River Oaks shopping centers. Rice says the location helped win the loan. “If Timber Grove had been farther out, it may have been more difficult,” he says.

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