TAMPA, FLA. — Ready Capital has provided a $13.4 million acquisition loan to an undisclosed borrower for a 365,000-square-foot industrial building in Tampa. The borrower plans to renovate the property, including various interior repairs, HVAC replacement, roof repairs, fresh paint and parking lot maintenance. The non-recourse, floating-rate loan features a 36-month term, one extension plan and flexible prepayment options. Further details of the transaction were not disclosed.
MCKINNEY, TEXAS — Multifamily developer SWBC has begun construction on Phase II of The Royalton at Craig Ranch, a 271-unit project that will be located within the Craig Ranch master-planned community in McKinney. Floor plans will consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and individual washer and dryer connections. Amenities will include a pool, clubhouse, 24-hour fitness center and outdoor grilling areas. Cross Architects is handling design of the project, and Stantec is the civil engineer. Construction is expected to last about 22 months. SWBC previously developed a sister community, Central Park at Craig Ranch, which also spans 271 units and is now 92 percent occupied. The proposed construction time is 22 months, with the first units expected to be available in March 2021.
HOUSTON — Greystone has provided a $27 million bridge loan for the acquisition of Villa Nueva Apartments, a 542-unit multifamily asset in Houston. Built in 1980, the property features of one- and two-bedroom units and amenities such as three pools and onsite laundry facilities. Daniel Wolins of Greystone originated the interest-only loan, which carries a two-year term and two six-month extension options, on behalf of the borrower, Iliad Realty Group. Sal Torre of Estreich & Co. arranged the debt, a portion of which will be used to fund capital improvements.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of A Plus Boat Club, a 209-unit self-storage facility in Fort Worth. Built in 1990, the property spans 60,856 net rentable square feet and features non-climate-controlled units ranging in size from 200 to 352 square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, Spartan Investment Group, a self-storage owner-operator based in Denver.
NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) will develop a 30,000-square-foot office building in New Caney, a northeastern suburb of Houston. The property will be located within a 500-acre industrial park that EMCID owns. The development team, which received a $1.5 million grant for the project from the U.S. Department of Commerce, hopes to break ground by October and finish construction within six months. A general contractor has not yet been appointed.
DALLAS — Common Desk, a locally based coworking concept, has moved its headquarters to Factory Six03, a 215,000-square-foot office building located in the West End area of Dallas. Common Desk opened an 18,000-square-foot coworking space at the property earlier this year. Granite Properties, a privately owned development and investment firm with five offices across the country, owns the building, which was formerly used as a warehouse. Common Desk now operates six coworking spaces in Dallas-Fort Worth, with a seventh coming soon to Trammell Crow Center.
CHICAGO — Tishman Speyer has released renderings for 320 N. Sangamon, a 13-story, 270,000-square-foot office project in Chicago’s Fulton Market District. Along with its co-developer Goodman & Associates, Tishman Speyer plans to break ground on the project on Thursday, Sept. 26. Completion is slated for the first quarter of 2021. The building will feature floor plates ranging from 25,000 to 28,000 square feet. Employees at the property will have access to ZO, Tishman Speyer’s offering of lifestyle services and amenities. Solomon Cordwell Buenz is the project architect. Ellen May and Joe Gordon of Tishman Speyer will market the property for lease.
COLUMBUS, OHIO — PCCP has formed a joint venture with The Pizzuti Cos. to develop a two-building industrial complex in Columbus totaling 539,094 square feet. Known as Rickenbacker West II and III, the speculative project will be situated adjacent to CreekSide Industrial Center. Completion is slated for mid-2020. The 277,692-square-foot Rickenbacker II will be situated on 16.9 acres while the 261,402-square-foot Rickenbacker III will be situated on 22.9 acres. Both facilities will feature a clear height of 32 feet, secure truck courts, LED warehouse lighting and ample parking.
DES MOINES, IOWA — Dougherty Mortgage LLC has provided a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments in Des Moines. Constructed in 2018, the 165-unit apartment complex rises four stories and includes 12,996 square feet of retail space. Amenities include a fitness center, community room, rooftop patio, pool and bike storage. The 15-year loan features a 30-year amortization schedule. 2301 Ingersoll LLC was the borrower.
TOLEDO, OHIO — Cooper Commercial Investment Group has brokered the sale of a two-building medical asset anchored by Bon Secours Mercy Health in Toledo for $4.3 million. The property is fully leased. Dan Cooper of Cooper Group represented the seller, a private investment group. Cooper also procured the buyer, a Texas-based medical real estate company. The sales price represents a cap rate of 8.1 percent.