Square Mile Capital Management has originated a loan secured by Standard in the Heights, a 301-unit multifamily building located in Houston, TX. The financing, which replaces the project construction loan, was made to Ojala Partners.
Standard in the Heights marks Square Mile Capital’s first transaction with Ojala Partners, a Texas-based, real estate development firm dedicated to acquiring, developing and redeveloping multifamily residential and select commercial assets.
Sponsorship began construction in 2018 and delivered the property in November 2020.
Square Mile Capital Principal Tom Burns said, “This transaction represents a great opportunity to refinance a high-quality, recently delivered multifamily asset that has leased extraordinarily well throughout so much uncertainty.
“The property is located in the Greater Heights submarket of Houston, which we believe will continue to benefit from its walkability, F&B offerings, and quality of life. On top of that, we are very pleased to initiate a business relationship with Ojala Partners.”
The property benefits from its proximity to downtown Houston and is directly adjacent to M-K-T, a recently delivered 16.5-acre development with 4-acres of green space, and more than 30 different high-end merchants and restaurants.
The transaction was brokered by Cameron Cureton and Steve Heldenfels of JLL’s Houston and Dallas offices.