REBusinessOnline

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 …

MGM Growth Properties, Blackstone REIT to Buy MGM Grand, Mandalay Bay Casinos in Las Vegas for $4.6B

LAS VEGAS — MGM Growth Properties has agreed to form a joint venture with Blackstone Real Estate Income Trust Inc. to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay casinos and resorts for $4.6 billion. MGM Growth (NYSE: MGP) will own 50.1 percent of the joint venture, and Blackstone Real Estate, a non-traded REIT managed by Blackstone (NYSE: BX), will own 49.9 percent. The MGM Grand and Mandalay Bay comprise 9,743 hotel rooms combined, as well as approximately …

Greystone Acquires C-III Asset Management, $20.7B Special Servicing Portfolio

IRVING, TEXAS — Greystone has purchased C-III Asset Management (C3AM), an Irving-based special servicer, as well as the firm’s $20.7 billion portfolio. C3AM offers fund management, principal investment, mortgage origination, loan servicing, investment sales, property management and brokerage services for its U.S. clients, according to Bloomberg. These clients include third-party portfolio owners, CMBS trusts, CDOs (collateralized debt obligation) and government agencies. The company was …

Casoro Group Buys The Jax Apartment Community in San Antonio for $90M

SAN ANTONIO — Casoro Group, an Austin-based investment firm formerly known as The PPA Group, has purchased The Jax in San Antonio. The recently upgraded, 322-unit apartment community is located at 12222 Vance Jackson Road on the city’s northwest side. The purchase price was not disclosed, but Austin Business Journal reports the property traded for $90 million. Mark Brandenburg of JLL arranged a $35.5 million acquisition loan on behalf of Casoro. Nexbank provided the five-year, floating-rate …

JLL Brokers Sale of River Oaks Bank Building in Houston

HOUSTON — JLL has brokered the sale of The River Oaks Bank Building, a 170,233-square-foot office building located at 2001 Kirby Drive in Houston’s River Oaks District. A client of L&B Realty Advisors LLP sold the 14-story building to a joint venture between Houston-based Fuller Realty Partners and Independencia Asset Management for an undisclosed price. The recently renovated property features 185 surface parking spaces and an attached garage holding 323 spaces. Kevin McConn, Rudy Hubbard …

Ensign Group Buys 217-Unit Seniors Housing Community in San Antonio

SAN ANTONIO — The Ensign Group Inc. has purchased the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus located at 5000 Fawn Meadow in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and sales price were not disclosed. The acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of …

CityRow to Open First Texas Fitness Studio in Allen

ALLEN, TEXAS — CityRow, a boutique fitness concept based in New York, plans to open its first Texas studio at 1314 W. McDermott Drive in Allen. Set to open on Feb. 8, CityRow Allen will feature personal instructors leading 50-minute classes that utilize water-based rowing machines and weighted strength training. David Regelean is the owner of CityRow Allen. The studio will be situated within McDermott Towne Crossing, a Kroger-anchored shopping

Atlantic | Pacific Delivers 96-Unit Multifamily Community in San Antonio

SAN ANTONIO — Atlantic | Pacific Communities (A|P Communities) has completed The Bristol, a new 96-unit multifamily community located at 7810 Old Tezel Road in San Antonio. The property features a mix of affordable and market-rate units with rents ranging from $316 to $996 per month, depending on unit type and income qualifications. Community amenities include a clubhouse, playground and a swimming pool. The Bristol is the fourth A|P Communities property in the metro San Antonio area, and the …

JLL, NAI Arrange Sale of 124,000 SF Harms Road Business Park in Northwest Houston

HOUSTON — JLL and NAI Partners have arranged the sale of Harms Road Business Park, a 124,000-square-foot industrial park located at 7204-7214 Harms Road in Houston’s Northwest submarket. The five single-tenant buildings were constructed between 2014 and 2018 and feature clear heights ranging from 28 to 30 feet, 22 overhead doors, office space and overhead cranes with capacities ranging between 10 and 20 tons. Trent Agnew, Charlie Strauss and Ethan Goldberg of JLL and Travis Land of NAI …

Matthews Brokers $5.5M Sale of New Retail Property in Houston Leased to Regions Bank

HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap …

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