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Mavik Capital Management has granted a $172 million initial mortgage to an affiliate of Raven Capital Management in order to recapitalize and finalize the construction of X Houston. This luxury high-rise multifamily development, located in the Museum District of Houston, consists of 475 units. Currently at 50% completion, the project is only four floors away from reaching its full height.
Prior to this financing deal, construction on X Houston had come to a halt. However, with Mavik’s involvement in the development process now secured, Raven can resume construction immediately and expects it will be completed within 12 months. In order for Mavik’s loan to be repaid by its fund (i.e., recourse), Raven is providing them with a repayment guarantee. As such, their loan structure combines elements of both a secured first mortgage and an NAV loan.
Mavik specializes in multi-strategy investments focused on U.S commercial real estate credit and special situations investments. With over $1 billion worth of assets under management,
they are well-equipped for this type of venture.
Overall summary:
Mavik Capital Management has provided funding for X Houston -a luxury high-rise multifamily development- through an initial mortgage worth $172 million from one if its affiliates managed by Raven Capital Management.
The project was previously stalled but thanks to Mavic’s entry into it as well as their partnership with Raveb they have been able restart constructions which are expected ti take approximately twelve months before completion.
Raven guarantees repayment through their fund making mavic’s investment hybrid between first mortgages security loans or NAV loans.
With more than one billion dollars’ worth assets under management,Mavic capital focuses mainly on US commercial real estate credit alongside other special situation investments
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