Pelican Builders and Ranman USA have plans to build The Hawthorne, a 17-story, 67-unit condominium building located at 5656 San Felipe Street in Houston. ACRES Capital Corp. originated an $89 million loan to fund the construction.
“As Houston experiences one of the hottest housing markets it has ever seen, The Hawthorne’s high-end condominiums will meet the demand for new living optionality and provide an alternative to traditional, single-family homes,” said ACRES CEO and president Mark Fogel. “The brand-new property will be an especially attractive choice for emptynesters in the Galleria submarket looking to downsize without leaving the area. Texas, and Houston in particular, have been direct beneficiaries of strong population growth in the country’s Sun Belt region, which we don’t see slowing down as people continue to seek a higher quality of life and more breathing room.”
The Hawthorne will feature 67 units totaling 164,546 net-sellable square fe
