Summary
Ashford Yard is a new Class A mixed-use retail development totaling over 80,000 square feet, located in Houston’s Energy Corridor within the Far West retail submarket. The project comprises six buildings — five multi-tenant retail structures and one standalone anchor building — housing a tenant mix spanning food and beverage, general retail, and health and wellness uses. Upon completion, the development will be anchored by a 21,000 square foot beer garden with an established presence in the Houston market.
Opportunity
NGC provided $8 million of C-PACE financing to the sponsor, TPMS 4 DA LLC, alongside senior lender Huntington National Bank. C-PACE was deployed to fund eligible construction costs, enabling the sponsor to complete this significant retail development more cost-effectively while reducing recourse and eliminating the need for additional equity. Through the innovative use of C-PACE financing, the sponsor gained the financial flexibility needed to support the project’s path to completion in one of Houston’s most supply-constrained retail submarkets.
