Radom Capital has received a $76 million loan for the refinancing of Montrose Collective, a 169,514-square-foot shopping center in Houston, according to CommercialEdge data.
JLL Capital Markets secured the retail financing through Prime Finance. The loan is refinancing the original construction loan the brokerage company secured for the development back in 2020.
Senior Managing Director Colby Mueck, Managing Director Michael Johnson and Director Jack Britton from the Debt Advisory team worked on behalf of the borrower. In another recent deal, JLL Capital Markets has arranged $55 million in financing for a 456,208-square-foot open-air shopping center in Philadelphia.
Montrose Collective came online in 2022, featuring sustainable finishes, open-air courtyards, an outdoor garden room, open patios and approximately 230 parking spaces. The six-story building also includes office space on the upper floors.
The tenant roster at Montrose Collective includes a diverse mix of retailers such as Marmo, Amano, GANNI, Gorjana, Oheya, The Chelsea, Sisu Clinic and RMA Houston, among others. At the time of the deal, the center was 98 percent leased.
Located at 888 Westheimer Road, the shopping center is within Houston’s Montrose neighborhood. Situated at the corner of Westheimer Road and Montrose Blvd., the property is positioned centrally between downtown, the Texas Medical Center, Rice University and River Oaks.
Houston’s demand for retail real estate continues to outpace supply, despite an increase in annual construction deliveries. The metro added 3.1 million square feet of retail space last year, with 1.2 million square feet delivered just in the final quarter, according to a recent CBRE report.
