PCCP Provides $55.2M Construction Loan for Condo Tower in Houston

HOUSTON — PCCP has provided a $55.2 million senior loan to a joint venture between The Carlyle Group and Pelican Builders for the development of The Wilshire, a 17-story, 96-unit condominium project in the River Oaks submarket of Houston. Construction is underway with completion of the project anticipated for mid-2017. Adam Allen of ARA Houston arranged the financing. The Wilshire is located at 2049 Westcreek Lane and is adjacent to a 650,000-square-foot mixed-use project called The River Oaks District, which is being developed by OliverMcMillan. The Wilshire is located in the Inner Loop of Houston, adjacent to the Galleria/Uptown submarket and the River Oaks neighborhood. Houston-based Pelican will develop The Wilshire. The Carlyle Group is a global alternative asset manager with more than $193 billion of assets under management.