DALLAS — Lument has provided $47.1 million in financing for The Oaks, a mixed-income seniors housing project in Dallas. The package consists of $25 million in short-term bonds and $22.1 million in Freddie Mac permanent financing. The Oaks will consist of 260 units for residents aged 62 or older. Over 90 percent of the units will have income or rent restrictions, with 216 units serving seniors earning at or below 60 percent of the area median income (AMI) and 27 units serving seniors earning at or below 30 percent of AMI. Construction is expected to be complete in 2023. Upon stabilization, the Freddie Mac loan and tax credit equity will be used to pay off a $35 million construction loan from a national bank. The borrower is a partnership between DHA Housing Solutions for North Texas and the Volunteers of America National Services. Tracy Peters and Dale Giffey led the transaction for Lument.
HOUSTON — Marcus & Millichap has brokered the sale of Barker Cypress Self Storage, a 469-unit facility in Houston. Built on 2.9 acres in 1996 and expanded in 2003, the property consists of 130 climate-controlled units totaling 15,800 net rentable square feet and 339 non-climate-controlled units totaling 40,250 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family partnership, in the transaction. The buyer was not disclosed.
AUSTIN, TEXAS — General contractor Cadence McShane has completed a project for the Austin Independent School District that delivered a 179,000-square-foot addition and renovations to Eastside Early College High School. The new structure features learning studios that incorporate flexible workspaces and integrated technology throughout the building. A gym with a second-story running track was also constructed. Perkins + Will served as the project architect.
GRAPEVINE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of Vine on North Park, a 216-unit apartment community located near Dallas-Fort Worth International Airport in Grapevine. The property was built on 12 acres in 1985 and renovated in 2018 to feature granite countertops, stainless steel appliances and brushed nickel hardware. Units also offer private balconies/patios, and amenities include a pool, fitness center, business center, dog park, package locker system, basketball court and a playground. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through NexBank on behalf of the undisclosed borrower.
TINLEY PARK, ILL. — Scannell Properties has unveiled plans to develop Tinley Business Park, a 1.3 million-square-foot speculative industrial project in Tinley Park, a southwest suburb of Chicago. The three-building development will offer immediate access to I-80, I-57 and I-294. The two larger buildings will feature a clear height of 36 feet, while the smaller building will feature a clear height of 32 feet. All buildings will have ample trailer and automobile parking. Construction is expected to begin next year. Sam Durkin, Scott Duerkop and Conor Mullady of JLL will market the project for lease.
MIAMISBURG, OHIO — CBRE has arranged the $10.8 million sale of a 197,731-square-foot industrial building in Miamisburg, just south of Dayton. Located at 511 Byers Road, the one-story building was constructed in 1986 and is fully leased to four tenants. The property has undergone renovations since 2019, including parking improvements and new exterior paint. Steve Timmell, Will Roberts, Jeff Johnston, Chris Prosser and Doug Whitten of CBRE represented the seller, Industrial Commercial Properties LLC. Heritage Acquisitions LLC was the buyer.
ROCHESTER HILLS, MICH. — Burlington is opening a 31,059-square-foot store at the former Stein Mart location at Winchester Center in Rochester Hills, about 25 miles north of Detroit. RPT Realty owns the shopping center, which is located at the southwest corner of Rochester and Avon roads. Tjader Gerdom, Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented RPT in the lease transaction.
DECATUR, IND. — Ariel Property Advisors has arranged a $2.8 million loan for the refinancing of a 15,000-square-foot retail property occupied by Walgreens in Decatur, about 20 miles southeast of Fort Wayne. The property is located at 123 N. 13th St. Matt Dzbanek and Matt Swerdlow of Ariel arranged the five-year loan, which features a fixed interest rate of 3.99 percent. A national credit union provided the loan on behalf of the undisclosed borrower.
HOUSTON — Partners Capital, the investment platform of Partners Real Estate Co., has sold Point West Business Park, a 145,915-square-foot flex property in Houston. Partners Capital originally acquired the three-building complex in 2019 and completed more than 25,000 square feet of new leases during its holding period. Cary Latham, Wyatt Huff and Josh Lass-Sughrue of NAI Partners represented the seller in the transaction. Fort Worth-based PHP Capital Partners purchased the asset for an undisclosed price.
ST. CHARLES, ILL. — Darwin Realty/CORFAC International has brokered the sale of 13,418-square-foot warehouse in St. Charles, about 40 miles west of Chicago. Located at 860 Equity Drive, the property was built in 2006 and features a clear height of 18 feet, one dock door and one drive-in door. The building is utilized as a showroom and for storage space. Brendan Sheahan and Frank Damato of Darwin represented the buyer, a private investor. Ryan Corcoran of Corcoran Commercial Real Estate represented the seller, Pillar of Cloud LLC.