BridgeInvest provides $55.5 million loan for acquisition, renovation of Houston’s Park on Voss

BridgeInvest provided a $55.5 million loan to support the acquisition and renovation of Park on Voss, a multifamily property in Houston, Texas, on behalf of Tara Capital. 

Park on Voss boasts 810 residences, with plans to renovate 610 units comprehensively and upgrade the remaining 200 units that have already undergone a recent renovation, then align with market rents and ensure overall property stabilization.

The loan will also fund new appliances, HVAC systems and exterior enhancements such as lighting, landscaping and essential repairs to elevators, sidewalks and roofing, further elevating the property’s aesthetics and functionality.

Situated at 2424 S. Voss Road in Houston’s vibrant Westchase submarket, Park on Voss spans 610,950 square feet. Its strategic location, nestled between Westheimer and San Felipe Roads, is in close proximity to the Galleria market, offering convenience and accessibility to residents.

Tara Capital acquired the property for $63 million, with total project costs estimated at $82.1 million. Upon completion of renovations and stabilization efforts, the intention is to refinance the BridgeInvest loan with permanent debt, securing a long-term investment approach.