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Mavik Capital Management has provided a $172 million first mortgage to an affiliate of Raven Capital Management to recapitalize and complete the construction of X Houston, a 475-unit luxury high-rise multifamily development in the Museum District of Houston. Construction is currently 50% complete, with the project only 4 floors from topping out.

The project was stalled until the latest financing. Mavik’s entry into the development allows Raven to restart construction on X Houston immediately, with construction expected to be completed on the property in 12 months. Raven is providing Mavik with a repayment guaranty (i.e., recourse) from its fund. As a result, Mavik’s loan is a hybrid of a secured first mortgage and an NAV loan.