TULSA, OKLA. — Alliant Credit Union has provided a $61.9 million acquisition loan for a seven-property, 1,540-unit multifamily portfolio in Tulsa. The loan was structured with an 80 percent loan-to-value ratio. The borrower was not disclosed. Gershon Friedman of Meridian Capital’s Chicago office placed the debt with Alliant Credit Union.
AUSTIN, TEXAS — Marcus & Millichap has brokered the $36.2 million sale of a portfolio of five Candlewood Suites hotels totaling 517 rooms in Texas and Oklahoma. Two of the assets are located in San Antonio and Midland, and the other three are located in the Oklahoma cities of Lawton, McAlester and Bartlesville. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, KJ Properties LLC, and procured the buyer, a Texas-based investment firm.
NEW YORK CITY — New York-based Meridian Capital Group has arranged a $60 million loan to refinance two portfolios of memory care assets across Ohio, Georgia, South Carolina, Colorado, California and Tennessee. In the first transaction, Meridian arranged $27.5 million for four memory care facilities totaling 264 beds in Ohio and Georgia. The five-year loan features a fixed interest rate and limited personal guarantees. In the second transaction, the Meridian team arranged a $32.5 million loan for memory care facilities totaling 264 beds in South Carolina, Colorado, California and Tennessee. A balance sheet lender provided the five-year, non-recourse loan with a fixed rate. Further details on the properties, locations and borrowers were not disclosed. Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian negotiated the two transactions.
NEW YORK CITY — CBRE has negotiated a 4,800-square-foot office lease for architecture firm Populous at The Starrett-Lehigh Building in the West Chelsea neighborhood of Manhattan. Populous is known for designing Yankee Stadium, Citi Field, Allianz Field and both Tottenham and Wembley Stadiums. The firm designed its own space on the 17th floor and will relocate from its Midtown location in April 2020. Evan Fiddle, Michael Movshovich, Mary Ann Tighe and Katja Volz of CBRE represented Populous in the lease negotiations. Daniel Birney and Denise Rodriguez represented the landlord, RXR Realty, on an internal basis.
SAN ANTONIO — Hospitality Real Estate Counselors (HREC) has arranged the sale of the 384-room Hilton San Antonio Airport hotel. The property is located less than a mile from San Antonio International Airport and offers a pool, fitness center, business center and meeting space. Mike Armstrong and Arnold Armstrong of HREC handled the transaction. Both the buyer and seller were not disclosed.
AUSTIN, TEXAS — Rastegar Property Co. has acquired Highland Heights, a 50-unit multifamily asset located near Interstate 35 and U.S. Highway 290 in North Austin. The property offers one- and two-bedroom units and amenities such as an outdoor courtyard and onsite laundry facilities. The seller was not disclosed. Rastegar will implement a value-add program at the property.
AUSTIN, TEXAS — 3405 Helms Street LLC has sold 34@Helms Apartments, an 18-unit multifamily property in Austin. The property is located about six blocks from the University of Texas at Austin and two miles from the downtown area. The property recently underwent a capital improvement plan that upgraded the units’ hardware, backsplashes and cabinets. Muskin Commercial LLC brokered the sale of the asset to the buyer, Helms Eagle LLC.
At a conceptual and theoretical level, all architects support sustainability and want to make the world a better, greener place. Some states, such as California, have gone as far as establishing sustainability requirements — many that go far beyond industry standards — to ensure new buildings are designed with the environment in mind. California, for example, has the nation’s first mandatory green building standards code, CALGreen Code. This is in addition to Title 24 Energy Standards, which implement minimum energy-efficiency standards and are referenced within the LEED certification system. In California and many other states, LEED is no longer driving sustainable design, as many of the program’s basic principles have become common practice. In addition to CALGreen Code, California has adopted a new goal far tougher than LEED’s requirements: Zero Net Energy (ZNE), which is a label reserved for energy-efficient buildings whose actual annual consumed energy is less than or equal to the renewable energy generated onsite. The state’s goals for the development of ZNE buildings must be implemented in new residential construction by 2020 and commercial construction by 2030. While architects and designers in California are obligated to follow these strict requirements, building design professionals in the Southeast and …
DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, Buffalo Wild Wings, KFC, Skyline Chili, Burger King, Rally’s and Popeye’s. The portfolio’s tenant roster also includes service-oriented and furniture concepts such as LA Fitness, Ashley Home Store, O’Reilly Auto Parts, At Home, Mister Car Wash, Carmax, Crunch Fitness and Tire Warehouse. This transaction is part of SVC’s disposition strategy to sell up to $500 million of net lease assets in connection with its $2.4 billion acquisition of retail properties from Spirit MTA REIT, which Spirit Realty Capital manages. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” says John Murray, president and …
RINCON, GA. — Transportation holding company OmniTRAX Inc. and investment firm The Broe Group have broken ground on a build-to-suit facility within Savannah Gateway Industrial Hub, an industrial park located in Effingham County 12 miles from the Port of Savannah. Denver-based OmniTRAX is the master developer of the 2,700-acre industrial park owned by Effingham County Industrial Development Authority. Louisville, Ky.-based A&R Logistics Inc. has signed a 12-year lease guaranteeing approximately 610,000 square feet of the project with an option to expand to 1 million square feet. Completion of the facility is scheduled for the fourth quarter of 2020. OmniTRAX will construct more than seven miles of park-serving rail infrastructure, a multi-customer OmniTRAX rail yard located nearby and a 200-plus-car dedicated rail yard for A&R. OmniTRAX will spend $92 million constructing the building and railyard where A&R will package and ship plastic pellets, according to the Savannah Morning News. A&R will receive, process and send out shipments internationally from the industrial park via its connection with Class 1 railroads CSX and Norfolk Southern.