Corus of approval for two-phased project.Corus Bankshares Corus Bankshares, Inc. operates as the holding company for Corus Bank, N.A. that offers consumer and corporate banking products and services. The bank's deposit products include checking, savings, money market, and time deposit accounts. , Inc. announced that its banking subsidiary, Corus Bank, closed two construction loans totaling $141,000,000 to an affiliate of Phillips Development and Realty, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to finance the development of Mosaic, two 30-story mixed-use condominium projects located across from Hermann Park Hermann Park is one of Houston's finest and most-visited public parks. Situated between Fannin Street and North MacGregor Way, it is within walking distance from the Texas Medical Center, Rice University, and the Museum District, and within a few miles of the Third Ward, the at 5925 Almeda Road in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Mosaic will be located south of downtown Houston Downtown Houston is Houston's largest business district. In terms of office square footage, it is the seventh largest in the United States. Downtown Houston contains the headquarters of many prominent companies. , just minutes away from two prime locations, Hermann Park and the Texas Medical Center. In order to attract the buyers that live in this submarket, Phillips plans to provide a product that captures a work-live-play concept by offering loft-style living near both main office and entertainment centers. The project will contain anamenity deck that is nearly a full acre in size and will include a social lounge with multiple plasma TVs, a 6,000 s/f state-of-the-art fitness center overlooking Hermann Park, a BBQ/gazebo area, and a heated pool and spa. The Mosaic loans are the Bank's first two loans with Phillips Development and Realty, LLC. Although the Bank was faced with the challenge of a complex two-phased project, it was able to structure the loans in a way that catered to the borrower's needs. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion