Refinancing secured for Montrose Collective in Houston

HOUSTON, Mar. 14, 2024 – JLL Capital Markets announced today that it has arranged the refinancing of Montrose Collective, a premier mixed-use development in Houston’s Montrose neighborhood.

JLL worked on behalf of the borrower, Radom Capital and institutional investors advised by J.P. Morgan Global Alternatives, to secure the loan through Prime Finance. The loan is refinancing the original construction loan JLL secured in 2020 for the development.

Montrose Collective officially opened in 2022, with the debut of Marmo, one of the most acclaimed restaurants in Houston, and over 20 new-to-market retail and office tenants. The 98%-leased district is also home to Uchi, Live Nation and Reformation. The low-rise collection of one- to six-story architecturally significant buildings feature sustainable finishes and a design that blurs the boundaries between the public and private realm. The project features a network of open-air courtyards and an outdoor “garden room” at the heart of the project. Each of the offices on the upper floors feature open patios, supporting the new office environment tenants seek today.

Situated at the corner of Westheimer Rd. and Montrose Blvd. in the center of Houston’s culturally rich Montrose neighborhood, the property is positioned centrally between Downtown, the Texas Medical Center, Rice University and River Oaks. This area has emerged into one of the trendiest and in-demand neighborhoods in Houston with dozens of award-winning restaurants, nationally recognized museums and three of the city’s top Universities within a three-mile radius.

Montrose Collective won the 2023 Houston Business Journal Landmark Award in the Mixed-Use category, the 2023 CoStar Impact Award for Houston Commercial Development of the Year, and received the 2023 Urban Land Institute Houston Development of Distinction Award, among several other accolades.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Colby Mueck, Managing Director Michael Johnson and Director Jack Britton.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Radom Capital is an award-winning real estate development and investment firm based in Houston, Texas. Radom focuses on repositioning properties into community-enhancing environments. The firm differentiates itself through a focus on creating enduring designs, building long-term relationships and solving complex real estate problems. The company aspires to collaborate community, culture and commerce in all of its projects. For more information, please visit: radomcapital.com.

J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. With US$74 billion (Gross Asset Value as of September 30, 2023) in equity and debt assets under management and more than 240 professionals, the platform offers real estate strategies that span from core to opportunistic and across debt and equity. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 60 years as an alternatives investment manager, US$213 billion in assets under management and more than 800 professionals (as of September 30, 2023), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information, visit jpmorgan.com/am.