June 13, 2022
MONT BELVIEU, Texas—June 13, 2022 — Riceland, a new 1,500-acre master-planned community located in Chambers County just east of Houston, will break ground this month. Trez Capital provided financing in the amount of $25 million to family-owned developer Michael S. McGrath of McGrath Real Estate Partners, for phase one of this master plan community. The Riceland development plans to deliver 4,500 homes upon completion.
“We’re pleased to provide financing for Riceland, a new master-planned destination that will attract families of all stages of life due to its natural setting, heritage, extensive amenities and its location just outside Houston,” said John Sullivan, vice president of Trez Capital. “The fact that Mont Belvieu is only 35 minutes away from Downtown Houston and is along the recently opened Grand Parkway/SH99 eastern sections makes it easily accessible to the northern Houston metro area and a desirable place to live. Houston has grown exponentially the last couple of years. Over the past 12 months, the city has added 118,000 jobs and is one of the strongest markets in the U.S. for new housing and job growth.”
Mont Belvieu is in one of the fastest growing counties in the state. It features small-town living; a family-centric community and the city is surrounded by nature. The city is host to Barbers Hills Independent School District (ISD) which has an A rating from the Texas Education Agency and received a score of eight from GreatSchools. McGrath Real Estate Partners is working closely with the city of Mont Belvieu to ensure that the development complements and enhances the small-town feel that residents already enjoy.
“We’re looking forward to working with the City of Mont Belvieu and Barbers Hill ISD to bring long-term value and a sense of close community to the city, the school district and the county,” said Randy Hopper, McGrath Real Estate vice president of acquisitions.
Riceland will feature resort-style pools, a fully stocked 10-acre lake with fish camp, and multiple parks along with 30 miles of hiking and biking trails. Designed as a highly walkable neighborhood, Riceland will integrate seamlessly into the existing Mont Belvieu community. The centerpiece of the community is a town center that will also act as a downtown for Mont Belvieu.
“Riceland will be the premier master-planned community on the east side of Houston, and Mont Belvieu is the perfect place for it,” said Mont Belvieu Mayor Nick Dixon. “The city council and I worked closely with the developer to ensure that the improvements that will come as a part of Riceland’s presence will benefit all of Mont Belvieu residents—both current and future—while providing high-quality neighborhoods and amenities that will continue to make our town a great place to live.”
Riceland draws on the rich history of the land and is built on land grants made in the early 1800s. The land has been lived on by the same family for almost two centuries. The family’s ancestors received two land grants from Mexican President Antonio Lopez de Santa Anna in 1830 when Texas was still a part of Mexico.
“The City of Mont Belvieu is excited to partner with McGrath Real Estate Partners to bring the Riceland master-planned community into Mont Belvieu,” said Scott Swigert, assistant city manager for the city of Mont Belvieu. “The vision for Riceland underscores what people love about living here a high-quality, high-amenity lifestyle that maintains our hometown feel. This is evident in the priority the developers have placed on working with the city to bring our vision of an authentic downtown anchored by our new city hall into reality.”
About McGrath Real Estate
For more than 36 years, the professionals at The McGrath Companies have produced quality developments for its principals, clients, and investors. They have acquired, developed, managed, and leased over $2.5 billion in multi-sector assets in markets across the U.S.
They handle all phases of the complex development process from site selection and governmental approvals to financing, construction and development oversight. They also provide effective oversight of leasing programs, property and asset management services for Multi-family, Student Housing, Build-to-Rent Residential, Single Family Master Plan and Lot Development communities. Their working relationships with national, regional, and local teams have helped build a portfolio of over $500,000,000 currently in design/development for the McGrath team. For more information, please visit www.mcgrathrep.com.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over $4* billion CAD in assets under management and has funded over 1,600 transactions totaling more than $15 billion CAD since inception. The Dallas office has funded more than $5.1 billion in loans.
For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.8 B Manager AUM (Trez Capital Fund Management Limited Partnership)).