Multifamily developer gets land loan for Galleria-area condo tower

Houston-based Pelican Builders Inc. has received a loan to buy land for a new condominium tower in the Galleria-Tanglewood area.

Mission Capital Advisors’ Debt and Equity Finance Group arranged a $7.3 million non-recourse land loan for Pelican’s acquisition of 5656 San Felipe St., according to a press release. The 1.26-acre site currently houses several small residential structures. 

Pelican is working to finalize plans for a 17-story condo tower with 67 luxury residences and 191 parking spaces,…