North River Partners Lends $42M on Houston-Area Workforce Housing Development
By Andrew Coen October 29, 2024 3:14 pm
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Balvia Properties has landed $42 million of construction financing to build a multifamily development in suburban Houston, Commercial Observer has learned.
North River Partners provided the nonrecourse loan on the developer’s planned 256-unit Premier at Morton Ranch project in Katy, Texas. Balvia is building the development as part of a partnership with the Houston Housing Authority mandating that half of the units are set aside for those earning between 60 and 80 percent of the area median income.
“Workforce housing like Premier at Morton Ranch is one of the most promising categories in the multifamily segment today,” Sean Robertson, managing partner at North River, said in a statement.
Robertson and Jeff Rosenfeld launched North River Partners earlier this year as a spinoff of the construction lending business that they co-led at Churchill Real Estate. The duo also provided a $36.2 million loan for Balvia Properties’ sister project, Premier at Katy, that opened earlier this year.
Cooper Horowitz’s Ryan Horowitz and Michael Horowitz arranged the transaction.
Located at 2401 Morton Ranch Road 28 miles west of Downtown Houston, Premier at Morton Ranch will consist of 15 studios, 159 one-bedroom units and 82 two-bedroom apartments. Property amenities will include a pool, a fitness center, electric vehicle charging stations and a pickleball court.
Construction of the project is slated to begin in November with an estimated competition in summer 2026.
Officials at Balvia Properties did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
