Real estate investment company DeisoMoss has landed $26.1 million in pre-development funding for its planned mixed-use tower project in Houston, Commercial Observer can first report.
Northwind Group launched the first mortgage bridge loan – through one of its discretionary loan funds – on DeisoMoss’ 551,905 square foot development, which includes 355 multi-family units, 100,000 square feet of Class A offices and high-end retail. Surya Capital Partners‘ Adi Chugh, Rich Levin and hanged christian arranged the transaction.
“The pre-development loan with Northwind is critical to getting us to a foundation excavation to access the ground construction loan,” André Deisofounder of DeisoMoss, told CO. “It’s probably Houston’s most coveted piece of undeveloped land.”
DeisoMoss purchased the property from 2120 Post Oak Blvd. of the Tisch family last November for an undisclosed price. Deiso said an early 2023 grand opening is planned and the company has already attracted interest from “nationally recognized” restaurant chains for the retail space.
Taylor Mosswho founded DeisoMoss in 2018, said the mixed-use project aims to bring “work, play, live” tower development to Houston, a type of ownership prevalent in other major cities.
“You see these mixed-use towers in other primary markets like New York, Chicago, Miami, Los Angeles, but it’s kind of a new concept for Houston,” Moss said. “We’re taking the model of these other primary markets and other very successful developers who have come before us and taking a page out of their playbook and trying to introduce these high-end luxury, what we call the ‘Dual Class -HAS” [assets] at the Houston market.
Manhattan-based Northwind Group has closed more than $400 million in loans since its founding in 2008, including more than $130 million in the past two months in Houston, Miami and Chicago.
“This transaction highlights Northwind Group’s ability to provide flexible funding solutions to premier sponsors across the United States,” Ran Eliasaf, managing partner of Northwind Group, said in a statement. “We look forward to continuing to work with DeisoMoss and wish them successful execution of the business plan.”
Andrew Coen can be reached at [email protected].