First Continental loans $42 million for planned Houston-area development – ​​Commercial Observer

that of Houston Johnson Development Services has secured a $41.8 million loan to acquire property and build a master-planned residential community in Hockley, Texas, Commercial Observer has learned.

Based in Houston First Continental provided financing for the acquisition and development. The $41.8 million loan is the lender’s largest loan to date. No brokers were listed on the transaction.

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“This project marks a significant milestone for First Continental, representing our largest planned community loan funded to date,” said John Bonner, president of First Continental. “We are grateful to the Johnson Development Services team for once again trusting us as their lending partner, and we look forward to seeing this community come to life and evolve into a vibrant neighborhood.”

The deal allows Johnson Development Services to take control of 318 acres along Highway 99 and build at least 1,000 residential units and 11 acres of recreation and amenity space.

Located on Hopfe Road in Hockney, a town 36 miles northwest of downtown Houston, the complex is expected to deliver its first homes in the third quarter of 2025.

Michael Coxpresident of Johnson Development Services, called the property a “prime location” in a “high-growth submarket” of the Houston area.

“We are excited to begin construction and continue to meet the demand for high-quality community development in Houston,” Cox said in a statement.

Johnston currently has several residential projects or planned communities built or underway in the Texas area, including Noline in Austin, Cinco Lakes in San Antonio, and Candela And Trill in Houston.

Brian Pascus can be contacted at [email protected]