Luminous Homes Secures $25.25M Loan For Colonial Village Development Site In Katy

A 7.9-acre development site located in Katy has secured construction financing. The loan amount arranged for this project is $25,250,000, specifically for the Colonial Village, a 103-unit build-to-rent initiative developed by Luminous Homes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $25,250,000
• Landlord: Luminous Homes
• Market: Katy
• Brokers: Ben Applebaum & Daniel Eidson - Concord Summit Capital
• Loan Amount: $25,250,000
• Loan Type: Senior construction financing
• LTC: 88%

Concord Summit Capital facilitated the financing, enabling Luminous Homes to maintain total ownership of the development without the involvement of co-general partners or limited partners.