Satya scores $100M loan for Galveston’s first new condos in 15 years

A Houston-based real estate firm scored a $100 million construction loan for Galveston’s first condominium development in 15 years.

Satya secured the loan from Laredo-based International Bank of Commerce for the development, Tiara on the Beach.

It will be a 10-story glass-encased building at 10525 San Luis Pass Road on Galveston’s West End, next to the Diamond Beach condos. Satya acquired the nearly 3-acre parcel in 2020. 

The development will offer 63 gulf-front residences, which will range from 1,660 to 4,300 square feet. Prices will start at $1.2 million with its seven penthouses going for more than $3 million. Those prices are in the range of $700 per square foot.

Amenities include a game room, a media room, a wine-tasting room and climate-controlled storage units for each residence. The building will also include a negative-edge pool, golf simulator, cigar lounge, yoga studio and pickleball courts. 

It is being designed by PLACE Designers and will be constructed by Ludlow & Associates. Dune construction for the project has already been completed, with building construction expected to start this summer and take up to two and a half years. 

Anastasia Gaido of Nan and Co. is the exclusive listing agent, and about 20 percent of the units are under contract, according to a news release.

The International Bank of Commerce previously financed Satya’s luxury condo developments in Houston, including the Westmore, at 232 West Main Street, which wrapped up construction last year, and the Revere at River Oaks, at 2325 Welch Street. 

Satya is the developer behind luxury condo products that have sprung up across Houston, including the Sophie at Bayou Bend and Giorgetti Houston — two of the buildings that have set the stage for Houston’s condo revolution. Insiders suggest the metro’s inner core is slowly adopting principles of a vertical city with increased interest in mid-rise and high-rise residential developments. Satya is bringing Texas’ first St. Regis Residences to Houston’s Upper Kirby district on Asbury Place, a 35-story condo development in collaboration with Marriott International. Construction is set to begin next year. Established 25 years ago, Satya has completed over 100 projects valued at more than $500 million in and around Greater Houston, according to its website.

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