Houston-based Radom Capital has received $104.75 million for the new Montrose Collective mixed-use project.
JLL represented Radom Capital in securing the loan with Bank OZK and joint venture equity from institutional investors advised by J.P. Morgan Asset Management, according to a March 3 press release. This is the first joint venture between Radom Capital and J.P. Morgan Asset Management, according to a previous press release. The JLL Capital Markets team representing Radom was led by Senior Managing Directors Colby Mueck and Ryan West, Senior Director Matthew Putterman and Analysts Jett Lucia and Matthew Williamson.
The Montrose Collective is being built on four land parcels totaling 2.44 acres at the corner of Westheimer Road and Montrose Boulevard. The project will include 100,000 square feet of office space, 50,000 square feet of retail space and 10,000 square feet of library space across a handful of buildings. There will be six restaurants and 15 retail spaces, both first-to-market and local. The project broke ground in February and is estimated to be complete in late 2021.
Some of the existing property will be repurposed, and existing tenants Uchi, Southside Espresso, Hue and Rosemont will remain operational during construction.
Part of the project includes building a six-story building. About 75,000 square feet has been allocated to an unnamed office tenant. Steve Radom, managing principal with Radom Capital, told the Houston Business Journal the tenant is a technology company that will occupy floors four, five and six of the development.
The Freed-Montrose Neighborhood Library also will relocate from its home at Montrose Boulevard and Colquitt Street to the Montrose Collective, but it’s unknown at this time if the library will keep its name.
The Montrose Collective project team includes Houston-based D.E. Harvey Builders as the project contractor along with Austin-based Michael Hsu Office of Architecture, Houston-based OJB Landscape Architecture, St. Louis-based structural engineer HOK, North Carolina-based civil engineering firm Kimley-Horn and Houston-based MEP firm DBR Inc. CBRE is handling the project’s office leasing.
Originally posted on Houston Business Journal