Sueba scores $40M construction loan for Katy apartment project

Sueba USA secured construction financing for its second apartment complex in Katy.

The Houston-based firm scored a $40 million loan from Amegy Bank, propelling its 353-unit project, dubbed Boardwalk Square, at the developing Katy Boardwalk District near Katy Mills, the Houston Business Journal reported. 

Sueba is slated to start construction on April 8, with an estimated completion in 2026. The project, at 125 Prairie Parkway, comes more than two years after the firm opened Katy Boardwalk Lofts, a four-story, 319-unit complex that’s a block away. 

Floor plans for Boardwalk Square will range from studios to three-bedroom units, spanning between 500 to 2,100 square feet. Sueba subsidiaries are leading design and construction.

Unlike its precursor, Boardwalk Square promises enhanced amenities and aspects that reflect evolving work needs in light of the pandemic, such as one-bedroom units with a study area, expanded coworking spaces equipped with “Zoom rooms” for remote workers, and a conference center with a catering kitchen

“Boardwalk Lofts was a project designed and built in a pre-Covid era,” Sueba’s D.J. Blanchard told the outlet. “And we’ve learned some things since then on how people want to live both in their floor plan and the amenity package.”

Other amenities will include a fitness center, coffee station, pools, a spa and an outdoor lounge area with grills and TVs. Sueba’s management affiliate, Southhampton Management, is expected to host events. 

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Anticipating demand for upscale living, Blanchard predicts that Boardwalk Square will command premium rents reflective of its top-tier offerings.

Sueba aims to sell Boardwalk Square once it is stabilized, as part of its investment strategy. The firm also owns an 11-acre tract in the Katy Boardwalk District, with plans for commercial development.

At full build, the 80-acre Katy Boardwalk District will feature a 304-key hotel and conference center; 155,000 square feet of retail, dining and entertainment space; and 60,000 square feet of office space, centered around a 90-acre artificial lake and nature preserve.

—Quinn Donoghue