Radom Capital, Asana Partners Secure Houston Multifamily Loan

The developers of Clock Tower Residences in Houston secured construction financing for the multifamily component of the mixed-use project.

Dallas-based Veritex Community Bank provided a four-year construction loan for the 218-unit project by Radom Capital and Asana Partners at 611 West 22nd Street, next to the historic Heights Clock Tower, an 1894 historic landmark. The deed of trust, filed July 23, does not include the loan amount.

JLL’s Colby Mueck, Michael Johnson, Davis Burnett and James Lovell represented the borrower.

The construction company Cadence McShane started construction on Clock Tower Residences on July 31, and they’re expected to open in 2027. Radom could not be immediately reached for comment.

Clock Tower Residences will be a seven-story complex between North Shepherd and Lawrence on the south side of 23rd Street, across from a new H-E-B supermarket. Radom has teased plans for a bar on the ground floor.

The apartment project follows the redevelopment of the clock tower building itself, one of the oldest buildings in Houston. Former owners Jonathan and Nonya Grenader substantially renovated the building in 2015, earning an award in the process. Radom and Asana acquired it in 2020 and lease it to several commercial tenants, including a gym.

Radom has taken on several historic building conversions and adaptive reuse projects in Houston, including the nearby 1909 Swift Building and the 1911 Southern Union Pacific Railroad building, which it sold in 2018.

Clock Tower Residences is Radom Capital’s 15th development in The Heights, a northwestern neighborhood of Houston known for its historic buildings — and, in recent years, as a multifamily hotspot. The Heights led Houston submarkets in apartment construction with 2,245 units underway in July, according to Yardi Matrix.Newer, amenity-rich Class A apartments have driven multifamily absorption in Houston over the past year while lower-class apartments have been losing occupants.