Forman Capital Provides $37M Construction Financing for Houston-Area Retail Center

Ferguson Family Partners has secured $37.1 million in construction financing to build The Oaks of District West, a 10-building mixed-use center outside of Houston, Texas, Commercial Observer can first report. 

Forman Capital provided the construction loan, while Daniel Eidson of Concord Summit Capital arranged the transaction. 

Scott Mehlman, chief investment officer and partner at Forman Capital, noted in a statement that the Richmond submarket of Houston, where The Oak of District West will be located, has experienced a surge in residential building in recent years, but retail has failed to keep pace. 

“Our client is addressing a clear market gap, and the early leasing momentum speaks to both the strength of the location and the quality of the concept,” said Mehlman. 

The open-air project is already 70 percent pre-leased in its 15 tenant spaces, even though construction is expected to last until the third quarter of 2027. Tenants include Pacific Coast Tacos, Virtual Golf Bar, Pecan Jack’s Ice Cream, and Picklr, a national indoor pickleball company.

Located at 21711 FM-1093 in Richmond, Texas, directly off the Westpark Tollway and South Peak Road, The Oaks of District West will span more than 87,000 square feet across 10 buildings on a site that sits 30 miles southwest of Downtown Houston. 

Brett Forman, managing partner of Forman Capital, said in a statement that the new retail center will tap into the affluent residential community within the Richmond area. 

“The Oaks of District West aligns directly with Forman Capital’s retail thesis of investing in necessity-driven centers in affluent residential markets,” he said.

Brian Pascus can be reached at bpascus@commercialobserver.com.