A
33-story co-living tower in Houston's Museum District is set to resume construction after its developer, Chicago-based X Company, secured a $172 million loan from New York-based Mavik Capital. The financing package was arranged by Raven Capital Management and includes a repayment guarantee from the partner company, which also facilitated an earlier $27.9 million investment to cover completed work. This deal resolves over $67 million in liens filed by unpaid subcontractors, suppliers, and contractors.
Work on X Houston, a 475-unit co-living apartment building, had stalled for more than a year after initial financing fell through, leaving the project half-finished. The development is expected to feature 646 beds across studio, one- and two-bedroom apartments with flexible lease terms. With this new financing in place, construction could resume before the end of the year.
The deal marks a significant milestone for X Company, which has faced challenges in securing funding for its projects. The company's CEO remains committed to completing the co-living development, which would be one of Houston's first ground-up co-living developments.
realestate
Co-Living Tower Project Secures $172M Loan Revival Funding
Co-living developer resumes 33-story Houston tower construction with $172M loan from Mavik Capital.
Read More - realestate
realestate
Brown & Riding Names New Real Estate Practice Head
Veteran leader with industry expertise and regional insight
Read More - realestate
realestate
LA's affluent neighborhoods face gentrification threat from investors
Fires may exacerbate LA's affordability crisis, pricing out low-income residents and making the area exclusive to the wealthy.
Read More
realestate
Maine's Housing Market Surprises with Resilience
Maine's Real Estate Market Begins to Balance After Years of Low Inventory and High Prices.