Marcel Group Begins Construction on Fort Bend MXU Development
Rendering of Marcel project in Fort Bend County.
SUGAR LAND, Texas – A 63,000-square-foot mixed-use development named Riverstone Town Center is being developed in Fort Bend County by The Marcel Group, a Woodlands-based firm led by Vernon Veldekens.
Situated near the intersection of University Boulevard and L.J. Parkway, the project will include approximately 41,875 square feet of retail and restaurant space and roughly 27,000 square feet of office space, according to a CBRE leasing brochure.
Jeff Stein of CBRE’s Debt and Structured Finance team arranged $17.6 million in construction and equity financing to support the project.
Stein sourced 94% of the total capital stack, securing a construction loan that covered 76% of loan-to-cost from a regional bank. The low, floating-rate construction loan provides 24 months of interest-only payments before converting to amortization on a 25-year schedule. CBRE also obtained the remaining capital through a private equity investor.
In 2018, CBRE’s Houston Debt and Structured Finance team arranged more than $3.6 billion in financing for commercial real estate across a variety of product types, including multifamily, industrial, office, retail, and hospitality.
