Houston St. Regis Condo Tower Wins Construction Financing

Texas’ luxury highrise condo market is not just a dream for developers. Institutional capital is buying in, too.

Houston-based Satya Inc. landed a $255 million construction loan from International Bank of Commerce to fund the state’s first purely residential St. Regis Residences development. The debt translates to roughly $2.8 million per unit.

The 38-story tower will rise at 102  Asbury Street in the upscale River Oaks area and feature seven penthouses and 90 residences, with prices starting at $3 million. The developer added another floor after bids reserving about 40 percent of the units piled in earlier this year.

Spanning more than 40,000 square feet, the amenities lineup includes a 26th-floor sky terrace with private dining and a cognac bar, wellness features such as cold plunges and saunas, a pet spa, yoga studios, co‑working spaces and full butler and valet service via Marriott’s St. Regis brand.

Construction is slated to begin in the fourth quarter and wrap up at the end of 2027. Douglas Elliman is handling marketing and sales.

Speaking of capital, Hines secured $130 million in refinancing from Fannie Mae for the Victor, a 344-unit apartment tower at 3039 Nowitzki Way in Dallas. The financing highlights Uptown as a destination for luxury highrise living. It’s located near the Katy Trail, Klyde Warren Park, the Perot Museum of Nature and Science, and the site where Goldman Sachs is building a $500 million office campus.

Here’s what else happened in Texas real estate this week.

A rare public sale price was reported for a head-turning retail transaction. New York-based REIT Brixmor Property Group paid $223 million for LaCenterra at Cinco Ranch, at 23501 Cinco Ranch Boulevard in the Houston suburb Katy. The price amounted to $545 per square foot for the 409,000-square-foot open-air shopping center.

In the loss column, Fercan Kalkan’s Houston multifamily empire is mired in distress. At least eight properties tied to Kalkan Capital and its founder are set for foreclosure auctions next week, following defaults on more than $125 million in loans. Morgan Stanley and other lenders cite deteriorating conditions and unaddressed safety hazards at Kalkan’s aging Class‑C apartment complexes in Houston and Pasadena.

Lakewood, New Jersey–based Onyx Partners has a deal to buy 119 JCPenney stores across 30 states for $947 million.

Home sales in master-planned communities dropped in the second quarter, along with the broader single-family market.

Texas Attorney General Ken Paxton and his estranged wife, state Sen. Angela Paxton, claimed three homes as their primary residence in mortgage documents. Although the Trump Administration has been attacking enemies with accusations of mortgage fraud, the Paxtons are unlikely to be targeted by the U.S. Department of Justice, as MAGA allies. However, it’s possible their lenders could require full payment as recourse.