Caydon, one of Melbourne, Australia's leading lifestyle and property developers with experience in residential, commercial, retail and hotels, closed on the financing for its first U.S. development – a luxury residential tower situated at 2850 Fannin St. in Midtown, Houston.
Caydon worked with Holliday Fenoglio Fowler, L.P. (HFF) to secure debt and equity financing for the tower through Bank of the Ozarks and Invesco Real Estate, a global real estate investment manager. The project will be the first high-rise development in Midtown and offers spectacular views of Downtown. With over 342,000 square feet of residential space, the tower will include 357 apartment units with one- and two-bedroom homes featuring European-styled interiors.
“Our team has established an exceptional reputation in Melbourne, Australia, and we will continue to build upon our success in the U.S.”said Joe Russo, principal of Caydon. “We will deliver a 27-story development that will complement and reflect Midtown’s liveliness and diversity.”
Caydon recently acquired a second Midtown parcel in Houston as well as its first site on the West Coast with plans for a 27-story mixed-use residential tower in Seattle, Washington’s First Hill neighborhood.
The HFF capital markets team representing the borrower included senior managing director Matthew Kafka and analyst Dustin Selzer.
“Caydon is poised to deliver the first high-rise property in Midtown, one of the most vibrant and rapidly growing submarkets of Houston, at a time when limited supply is being added. Midtown Houston and the surrounding community will greatly benefit from this development,” Kafka said. “It was a pleasure working with Caydon, Bank of the Ozarks and Invesco Real Estate throughout the process.”
For more information on Caydon or the project located on Fannin Street, please visit http://caydonusa.com/ 2850Fannin.
Caydon is privately owned Australian company with vast experience in residential, commercial, retail and hotel development. Everyone in the Caydon team takes pride in achieving outcomes that will make a lasting, positive impact on a city’s future and shares the vision that every development creates a connection with the community and surrounding environment. Now, Caydon is bringing its strong commitment to innovation and delivery to the US. The intention is to develop projects that provide a pleasurable quality of life for residents and through the creation of dynamic retail and entertainment neighborhoods, add to the enjoyment of the surrounding community. For more information, please visitwww.caydonusa.com
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
ABOUT INVESCO REAL ESTATE
Invesco Real Estate is a global leader in the real estate investment management business with $65.1 billion in real estate assets under management, 462 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc. which is an indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $917.5 billion in assets under management and on-the-ground presence in 29 cities worldwide. Information as of September 30, 2017.