DALLAS — An affiliate of Dallas-based investment firm Tanenbuam Equity Partners (TEP) has recapitalized a portfolio of 98 civic properties totaling 1.6 million square feet. The properties are scattered across 24 states and are primarily leased to 30 different federal government agencies. The recapitalization consists of senior debt from Centennial Bank, a preferred equity investment from Eagle Point Credit Management and existing common equity controlled by TEP’s principals. The portfolio, which is now valued at approximately $450 million, had an occupancy rate of about 98 percent and a weighted average remaining lease term of about 5.2 years at the time of the recapitalization. Raymond James advised TEP on the transaction.
LAKE JACKSON, TEXAS — Marcus & Millichap has brokered the sale of Brazos E-Z Storage, a 382-unit self-storage facility in Lake Jackson, about 55 miles south of Houston. Built on 3.4 acres in 1974, the facility offers climate-controlled and drive-up storage units, as well as outdoor parking spaces, for a total of 44,178 net rentable square feet. Dave Knobler, Charles LeClaire, Adam Schlosser and Mixson Staffel of Marcus & Millichap represented the Houston-based seller in the transaction and procured the Michigan-based buyer. Both parties requested anonymity.
FORT WORTH, TEXAS — Orlando-based Foundry Commercial will develop Gemini Logistics Center, a 192,000-square-foot industrial project in Fort Worth. The address was not disclosed, but the 15-acre site is located along the I-35 corridor in the Meacham submarket on the city’s north side. Gemini Logistics Center will be a two-building development, with both structures featuring rear-load configurations and dock-high loading areas. A construction timeline was not disclosed.
DELRAY BEACH, FLA. — Pebb Capital has received a $223 million loan for the refinancing of Sundy Village, a seven-acre mixed-use campus under development in downtown Delray Beach, a coastal city in South Florida’s Palm Beach County. J.P. Morgan and Hudson Bay Capital provided construction financing for Phase II, replacing the project’s existing construction loan while providing additional capital for tenant improvements. J.P. Morgan also provided the original construction financing for Phase I of the project, along with Monroe Capital. Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Dustin Stolly of Walker & Dunlop arranged the financing. Phase I of Sundy Village comprises 100,000 square feet of office space, 30,000 square feet of shops and restaurants, indoor-outdoor gathering spaces and 268 parking spaces. Tenants include Vertical Bridge, Industrious, Barcelona Wine Bar, Van Leeuwen Ice Cream, Double Knot, Drinking Pig BBQ, Maman, Dragonfly MRI, JTC and Fairstead Development, among others. Phase II will add a 79,141-square-foot, standalone office building, a 165-space parking garage and 3,400 square feet of ground-floor retail space.
CHARLOTTE, N.C. — A partnership between Spandrel Development Partners and 7G Group has announced plans to add a 200-room W Hotel to 400 South Tryon, a redevelopment of a 1970s-era office tower in Uptown Charlotte. The new hotel will be situated on the first nine floors of the tower, along with an 18,000-square-foot rooftop bar on the 34th floor. Other components of the tower include 399 unbranded apartments, residential amenities and an existing 517-space parking garage. The W Charlotte will offer 173 guest rooms, 27 suites (including a penthouse), 12,000 square feet of meeting space, a ground-floor restaurant and coffee bar and a ballroom with pre-function space. The design-build team for the new hotel includes Rockwell Group, LS3P and CetraRuddy. The timeline for the hotel’s opening was not released.
SHERMAN, TEXAS — Dallas-based Carbon Shepherd Development has completed an 84-unit independent living project in the North Texas city of Sherman. Woodland Cottages Sherman offers one- and two-bedroom units that are reserved for renters age 55 and above. Amenities include a pool, fitness center, game room and a pickleball court, as well as onsite staffing and programming. Additionally, two-bedroom units at Woodland Cottages Sherman feature attached single-car garages. Information on starting rents was not disclosed.
KNOXVILLE, TENN. — A public-private partnership between RISE: A Real Estate Co. and the University of Tennessee has completed Torchbearer Hall, a 1,024-bed residence hall development on the institution’s campus in Knoxville. The project is Phase II of a larger development plan that has delivered 3,000 beds to date. The property features a centralized hub with reception areas, staff offices, community kitchens and lounges. Additional shared amenities include study rooms, multipurpose spaces, resident gathering areas and laundry facilities. The development team for Torchbearer Hall included Niles Bolton Associates, Cope Architecture, Blaine Construction, Brailsford & Dunlavey, RBC Capital Markets and Provident Resources Group.
JACKSON, MISS. — Northmarq has provided a Fannie Mae loan for the permanent financing of The District Lofts, a six-story, 261-unit apartment community located at 120 District Blvd. E in Jackson. Chimnay Bhatt, Cody Kirkpatrick, Noam Franklin and Brian Fisher of Northmarq originated the five-year, fixed-rate loan on behalf of the borrower, NorthRock Cos. The loan amount was not disclosed. Built in 2017 within The District at Eastover mixed-use development, The District Lofts features mix of studio, one- and two-bedroom apartments, as well as an elevated saltwater pool, two outdoor kitchens, fitness studio and valet trash removal service.
FLAGSTAFF, ARIZ. — TSB Capital Advisors has secured a refinancing for Commons at Sawmill, a 448-bed student housing community located near the Northern Arizona University campus in Flagstaff. TSB placed a floating-rate loan through Old National Bank on behalf of the borrower, a joint venture between Coastal Ridge Real Estate and Real Estate at Goldman Sachs Alternatives. Delivered in 1992 and renovated in 2023, the community offers 194 units in a mix of studio, two- and four-bedroom configurations. Shared amenities include a clubhouse, fitness center, study lounge, conference space and an outdoor courtyard with grilling stations.
LAS VEGAS — BWE has secured $71 million for the acquisition of 536 multifamily units in Las Vegas. Jake Roberts of BWE originated the financing on behalf of a high-net-worth family real estate office and a longtime client of BWE. The loan, which was sourced by BWE through its position as a direct Freddie Mac servicer, features a five-year term. The funds were used to refinance an existing asset in the family’s portfolio as well as acquire a new asset in the Las Vegas area.
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