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Houston, Texas — ARA Newmark has secured a $22.2 million construction loan for The Icon, a 380-bed student housing development located within walking distance of the University of Houston campus.
David Schwarz and Spencer Hough of ARA Newmark secured the loan on behalf of the borrower, Tier One Group, through an undisclosed regional debt fund. The five-story property will feature amenities including a resort-style pool, business center, conference room, game room, lounge area, a state-of-the-art fitness center, a fire pit and a covered outdoor bar with gas grills and a refrigerator. Completion is expected for fall 2017.