WASHINGTON, D.C. — The total amount of commercial and multifamily loans that mortgage bankers closed in 2021 at $683.2 billion was 55 percent higher than the $441.5 billion reported in 2020, according to the Mortgage Bankers Association (MBA)’s 2021 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation. Multifamily mortgage lending took the lead last year at $376 billion, followed by loans for office buildings, industrial properties, retail, hotel/motel and healthcare properties. Depositories, such as banks, were the leading capital source for mortgage banker originated loans in 2021, responsible for $157 billion of the total. Private label commercial mortgage backed security (CMBS) saw the second-highest volume at $141 billion, followed by government-sponsored enterprises such as Fannie Mae and Freddie Mac, life insurance companies and pension funds and investor-driven lenders. MBA estimates that total commercial real estate mortgage lending — including activity from small and mid-sized lenders not tracked by MBA — totaled $890.6 billion in 2021, a 45 percent increase over 2020 at $614 billion and a 25 percent increase over the previous annual record of $713 billion in 2019. “Improving property fundamentals and strong price appreciation drove borrowing and lending backed by commercial and multifamily properties to new highs in …
FORT WORTH, TEXAS — A partnership between Phoenix-based developer Creation Real Estate and J.P. Morgan Global Alternatives has broken ground on a 532,535-square-foot industrial project in Fort Worth. The site is located just off Interstate 820 and offers high visibility from that loop. The development will consist of three buildings — two rear-load and one front-load — with clear heights ranging from 32 to 36 feet. LGE Design Build is the architect and general contractor for the project. Holt Lunsford Commercial has been tapped as the leasing agent. Completion is slated for the second quarter of 2023.
ELMENDORF, TEXAS — Marcus & Millichap has arranged the sale of a 232,406-square-foot office and industrial campus located in the southeastern San Antonio suburb of Elmendorf. Built in 2012, the property consists of 11 buildings on a 108-acre site. At the time of sale, the campus, which includes outdoor storage space, was fully leased to oilfield services company Weatherford International (NASDAQ: WFRD). Patrick Doherty, David Houston and James Stewart of Marcus & Millichap represented the seller, Atlanta-based Stonemont Financial Group, in the transaction and procured the undisclosed buyer.
THE WOODLANDS, TEXAS — Flournoy Development Group, in partnership with Westport Capital, has broken ground on Neuhaus, a 225-unit multifamily project located on the northern outskirts of Houston in The Woodlands. The property will comprise two midrise buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center, dog park and outdoor grilling and dining areas. HEDK is the project architect, and Strategic Construction is the general contractor. Completion is slated for early 2023.
SUGAR LAND, TEXAS — JLL Income Property Trust has purchased Sugar Land Medical Plaza, 37,000-square-foot medical office building located on the southwestern outskirts of Houston, for $18.4 million. The property was built in 2020 and was fully leased at the time of sale to a roster of local healthcare providers that have a weighted average remaining lease term of nine years. The seller was not disclosed.
HOUSTON — Chemical engineering firm Solugen Inc. has signed a 15,000-square-foot office lease at Greenway Plaza, a 52-acre office campus in Houston. Nick Terry of Rifle Real Estate represented Solugen in the lease negotiations. J.P. Hutcheson represented the landlord, Parkway, on an internal basis. Tenants at Greenway Plaza have access to a 150,000-square-foot fitness facility, a childcare center and an array of food and beverage concepts.
BOYLSTON, MASS. — Rand-Whitney, a packaging company owned by New England Patriots owner Robert Kraft, will open a 384,000-square-foot industrial facility in Boylston, located in Worcester County in the central part of the state. Design-build firm PROCON broke ground on the project earlier this month. When fully operational in April 2023, the new packaging facility will have the potential to manufacture 300 million boxes annually and will add between 50 and 100 new jobs to the local economy.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) will redevelop Bala Cynwyd Shopping Center, a 174,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Bala Cynwyd. The $8 million project will include upgrading façade aesthetics, creating common and tenant-designated outdoor dining and gathering areas and improving pedestrian and vehicular circulation. Additionally, up to 80 outdoor seats and eight curbside pickup spaces will be added. Completion is slated for summer 2023. Current tenants at the 23-acre center include ACME Markets, Michaels, Five Guys and Honeygrow. All tenants will remain open during construction.
PITTSBURGH — CIT, a division of First Citizens Bank, has provided a $37.2 million acquisition loan for a 510,000-square-foot distribution center in Pittsburgh that is fully leased to Amazon and e-commerce consulting firm Nogin. The property serves as one of Amazon’s two sortation facilities in the Pittsburgh area. The borrower is Aminim Group, an investment firm with offices in Houston and Jerusalem. Specific loan terms were not disclosed.
HACKENSACK, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $36 million sale of The VUE Hackensack, a 78-unit apartment complex in Northern New Jersey. The property was built in phases between 2015 and 2017 and consists of six one-bedroom units and 72 two-bedroom units with an average size of 1,205 square feet. Amenities include a fitness center, resident lounge and virtual doorman service. Andrew Scheinerman of Kislak represented the seller, an entity doing business as 295 Polifly Realty LLC, in the off-market transaction. Scott Davidovic, also with Kislak, procured the buyer, Sutton Equity LLC.