First Continental Lends $42M on Houston-Area Master-Planned Development
Johnson Development Services plans to build 1,000 units of housing and 11 acres of amenities
By Brian Pascus June 25, 2024 2:25 pm
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Houston’s Johnson Development Services has secured a $41.8 million loan to acquire property and built a master-planned residential community in Hockley, Texas, Commercial Observer has learned.
Houston-based First Continental provided the acquisition and development financing. The $41.8 million loan is the lender’s largest loan to date. No broker was listed on the transaction.
“This project marks a significant milestone for First Continental, representing our largest master-planned community loan financed to date,” said John Bonner, president of First Continental. “We are grateful to the team at Johnson Development Services for entrusting us once again as their lending partner, and look forward to watching this community come to life and evolve into a vibrant neighborhood.”
The deal allows Johnson Development Services to take control of 318 acres alongside Highway 99 and build at least 1,000 residential units and 11 acres of recreational and amenity space.
Located on Hopfe Road in Hockney, a city 36 miles northwest of Downtown Houston, the development is expected to deliver its first homes in the third quarter of 2025.
Michael Cox, president of Johnson Development Services, called the property “a prime location” in a “high-growth submarket” within the Houston area.
“We are excited to begin construction and continue to meet the demand for high-quality community development in Houston,” said Cox in a statement.
Johnston currently has several residential projects or planned communities either built or underway in the Texas region, including Nolina in Austin, Cinco Lakes in San Antonio, and Candela and Trillium in Houston.
Brian Pascus can be reached at bpascus@commercialobserver.com
