RICHARDSON, TEXAS — Chicago-based NXT Capital has provided a $54.7 million loan for the refinancing of a 312,000-square-foot office building in Richardson, a northeastern suburb of Dallas. The Class A property is situated near Central Expressway and President George Bush Turnpike and offers amenities such as a fitness center, deli, bocce ball court and shuttle service to a nearby DART station. Greg Young of Grandbridge Real Estate Capital placed the loan on behalf of the undisclosed borrower.
IRVING, TEXAS — Berkadia has provided a $48 million acquisition loan through Freddie Mac for The Brandt, a 504-unit multifamily community in Irving. The property offers a variety of one- and two-bedroom floor plans ranging from 632 square feet to 1,045 square feet. Amenities include three pools, a fitness center, a dog park and a clubhouse. Andy Hill and Tyler Nowlin of Berkadia arranged the financing on behalf of the borrower, Western Wealth Capital, which will implement a value-add program that will upgrade unit interiors. The adjustable-rate loan carried a seven-year term and three years of interest-only payments.
DALLAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged an $8 million loan for the acquisition and redevelopment of a 50,675-square-foot former school campus in Dallas. The sponsor, Fort Worth-based investors/developers M2G Ventures and Todd Davenport, will convert the property into a mixed-use asset with office and retail space. Duke Dennis of MCA placed the loan through an undisclosed lender. Dennis also arranged $4.3 million in joint venture equity for the project.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Havenwood Apartments, a 316-unit community in Fort Worth. The property was built in 1985 and features one- and two-bedroom units averaging approximately 850 square feet, as well as two pools, a tennis and racquetball court and outdoor courtyard space. Al Silva of Marcus & Millichap represented the seller, a Florida-based investment firm, in the transaction. Silva also secured the buyer, a Dallas-based private investment firm that will implement a value-add program to the unit interiors, building exteriors and common area amenities.
SAN FRANCISCO — A joint venture between REDCO Development and AEW Capital Management has acquired One Montgomery Street, a historic mixed-use property in downtown San Francisco. 601W Cos. sold the building for $82 million. Mike Taquino, Kyle Kovac, Russell Ingrum, Giancarlo Sangiacomo and Mandy Lee of CBRE’s San Francisco office represented the seller in the deal. Additionally, CBRE’s Mike Walker, Brad Zampa and Megan Woodring arranged $76.6 million in acquisition financing on behalf of the buyer. The five-year, non-recourse, floating-rate loan will finance a portion of the acquisition and provide funding for future capital expenditures and releasing costs. Located at the intersection of Montgomery and Post streets, Wells Fargo has occupied the building since 1984.
PHOENIX — George Smith Partners has secured $67.2 million in senior construction financing for the ground-up development of a multifamily property in Phoenix. Located immediately north of Phoenix’s central business district, the 17-story high-rise will feature 254 apartments. The non-recourse loan represents 80 percent of the total project cost. Scott Meredith and John Thrall of George Smith Partners advised the undisclosed borrower in the financing.
PHOENIX — Solana Beach, Calif.-based Fenway Capital Advisors has completed the disposition of Valley Commerce Center, a multi-tenant office building located at 4745 and 4747 N. Seventh St. in Phoenix. Denver-based Bow River Capital Partners purchased the property for $27.9 million. Steve Lindley, Eric Wichterman, Tracy Cartledge, Bob Buckley and Mike Coover of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Built in 1984, the two-building, four-story asset features 217,434 square feet of office space. The property recently underwent more than $6 million in capital improvements, including a state-of-the-art outdoor collaborative space with seating areas, a bocce ball court and two water features.
PHOENIX — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Colony Apartments, a garden-style asset located at 4337 N. 53rd Lane in Phoenix. Vancouver, Canada-based Western Wealth Capital acquired the value-add property for $25.1 million, or $106,355 per unit. Built in 1979, The Colony Apartments features 236 units spread across 41 one- and two-story buildings. Brett Polachek, Brad Goff and Chris Canter of NKF Multifamily represented the seller, San Diego-based CALCAP Advisors, in the transaction.
SAN MARCOS, CALIF. — Lee & Associates has arranged the sale of an industrial building, located at 307 E. Carmel St. in San Marcos. James 2002 Revocable Trust sold the property to 307 E Carmel LLC for $3.9 million. The 18,452-square-foot building features 30 percent showroom, 30 percent office and 40 percent warehouse space. The new owner leased the property to Chefs Toys LLC. Marko Dragovic and Isaac Little of Lee & Associates – North San Diego County and Jim Snyder of Lee & Associates – Newport Beach represented the buyer, while Colliers International represented the seller in the deal.
CHICAGO — Accenture, the giant global business and information technology consulting services firm, has expanded its lease at 500 West Madison in Chicago by 152,454 square feet. In conjunction with the lease, the building will be rebranded as Accenture Tower. The company now occupies a total of 226,486 square feet at the 40-story office tower, which is owned by KBS Real Estate Investment Trust III. The first two levels of the property comprise 80,000 square feet of retail space. KBS intends to reposition the lobby and amenity areas to reflect the new partnership with Accenture. The building was constructed in 1987 and renovated in 2015 to include a fitness center and tenant lounge. Kyle Kamin, Todd Lippman and Michael Dash of CBRE represented Accenture in the lease transaction. Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS. Accenture employs 482,000 people serving clients in more than 120 countries.