HOUSTON | Chelsea at Museum District | FT | 18 FLOORS

[Urbannizer]

Developer: Deccan Development
Architect: ?
Type: Residential (96 units)
Location: Blodgett Street, near Crawford & La Branch, Museum District
Construction Timeline: October 2015 Start Date - Early 2017 Completion

http://crowd-lender.com/CampaignDetails.aspx?campid=14

Deccan Development (Sponsor) is constructing a 95-unit, luxury multi-family complex (“The Chelsea”) in Houston, Texas. This project is located in the highly desirable Museum District area, within 2-3 miles of the two major employment hubs, Texas Medical Center and Downtown Houston. The Chelsea fills a need in the Museum District for luxury high-rise apartments that are competitively priced, have a full set of amenities, and have a more exclusive feel compared to older buildings or newer luxury complexes that are much denser.

The total project cost is estimated to be $34.5 million, of which $14 million (40.6%) is equity, and $20.5 million (59.4%) is debt.

The land has been procured, and pre-development work is well under way. The City of Houston has granted planning pre-development approval; Soil testing and environmental surveys are complete; Architect and Engineering plans are close to completion. Developer expects to break ground in October, 2015. The construction period is 18 months.