HOUSTON — Chicago-based NXT Capital has provided a $21 million loan for the acquisition of a newly built multifamily property in Houston. The Class A community features a pool, fitness center, business center, outdoor grilling stations, conference room and storage units. Greg Young and David Cortez of Grandbridge Real Estate Capital placed the loan through NXT Capital. The borrower and property name were not disclosed.
AUSTIN, TEXAS — CBRE has arranged an undisclosed amount of permanent financing for the acquisition of 21 Pearl, a 272-bed student housing community serving the University of Texas at Austin. The 135-unit property was completed in 2013 and was 96 percent occupied at the time of the loan closing. Benjamin Roelke and Ian Walker of CBRE arranged the financing on behalf of TEXLA Housing Partners and a private equity fund managed by Crow Holdings Capital. A life insurance company provided the loan, which features full-term interest-only payments along with a flexible prepayment structure. 21 Pearl is the joint venture’s first acquisition.
DALLAS AND ARLINGTON, TEXAS — Perimeter Healthcare, a behavioral healthcare company backed by Ridgemont Equity Partners, has acquired two 116-bed inpatient psychiatric hospitals located in the Dallas-Fort Worth (DFW) metroplex. The facilities will reopen in 2019 as Perimeter Behavioral Hospital of Dallas and Perimeter Behavioral Hospital of Arlington. This transaction marks Perimeter’s third acquisition in the past seven months. The seller was not disclosed.
GARLAND, TEXAS — Dallas-based Holt Lunsford Commercial has secured a 30,833-square-foot industrial lease renewal at 2450-2462 Merrit Drive in Garland, a northeastern suburb of Dallas. Josh Barnes and Ben Wallace of Holt Lunsford represented the landlord, Taurus Investment Holdings. Shirley Laymance of CBRE represented the tenant, Carrier Enterprise LLC.
VERNON HILLS AND AURORA, ILL. — Centennial has unveiled new green space concepts at two malls in Illinois — Hawthorn Mall in Vernon Hills and Fox Valley Mall in Aurora. Centennial will transform the malls’ center courts into a multi-use environment in efforts to enhance consumer experience. Centennial will invest $12 million in the courtyards, which total 31,115 square feet. The new courtyards will be surrounded by dining and entertainment options. The design team includes architect Stantec and general contractor Graycor Construction Co. A timeline for construction was not released.
INDIANAPOLIS — MCR has purchased two hotels in Indianapolis, including a 110-room Hampton Inn and a 78-room Residence Inn. Purchase prices and seller information were not disclosed. Both properties are less than 10 miles from the Indianapolis Motor Speedway. The hotels feature complimentary breakfasts, 24-hour fitness centers and pools.
MILFORD, OHIO — Marcus & Millichap has brokered the $5.6 million sale-leaseback of Melink Corp.’s global headquarters in Milford, about 15 miles northeast of Cincinnati. The office property spans 30,000 square feet. Alexander Nulf, David Peirce and Joseph DiSalvo of Marcus & Millichap marketed the property on behalf of Melink, the seller. Craig Fuller, Erin Patton, Josephine Zupan and Scott Wiles of Marcus & Millichap represented the buyer, a limited liability company. Melink is a provider of energy efficiency and renewable energy solutions for commercial buildings. The lease term is 15 years.
AKRON, OHIO — Echo Development Group Inc. has acquired a 5,645-square-foot medical building in Akron for an undisclosed price. Echo acquired the property in partnership with BrightView, an outpatient addiction practice based in Cincinnati. The partnership plans to convert the building into a behavioral health clinic, which is set to open this summer. Currently, BrightView operates eight clinics in various locations throughout Ohio.
FLINT, MICH. — Dougherty Mortgage LLC has provided a $2.2 million loan for the refinancing of Eagle Ridge Square in Flint. The 104-unit affordable housing property was built in 1999. All of the units are designated for residents who earn at or below 60 percent of the area median income. The property features a clubhouse, daycare facility, pool and garage parking. The 12-year loan features a 30-year amortization schedule. Eagle Ridge Square Apartments Limited Dividend Housing Association LLC was the borrower.
WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station. Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project. Construction began in February. Phase I is slated for completion in spring 2021. HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team. Founded in 2005, MRP Realty …