ONTARIO, CALIF. — Bellwether Enterprise has closed two loans totaling $75 million that will be used to refinance the 298-unit Vistara Apartments in Ontario. The community is located at 3410 E. 4th St. Vistara was delivered this past September. Amenities include a clubhouse and leasing office, a 24-hour fitness and yoga center, a resort pool area with spa, three outdoor entertainment areas with televisions and barbeques, 575 parking spots, and a dog wash and grooming area. Bellwether Enterprise arranged a $59 million permanent loan for a 20-year term with interest-only payments for two years, followed by a 38-year amortization schedule and a fixed interest rate. The $16 million mezzanine loan was arranged for a five-year term with interest-only payments and a fixed interest rate.
MCKINNEY, TEXAS — Independent Bank Group Inc. will build a corporate campus on 10.4 acres within the Craig Ranch development, located at the intersection of State Highway 121 and Grand Ranch Parkway in McKinney. The project is expected to cost approximately $52 million, according to the Dallas Business Journal, and could create as many as 400 new jobs. Independent Bank is an $8.6 billion regional lender. Since going public in 2013, the company has increased its employee base from approximately 340 to more than 1,000 and its number of locations in Texas and Colorado from 30 to 82.
NASSAU BAY, TEXAS — KeyBank Real Estate Capital has provided a $29 million Fannie Mae loan for the acquisition of Voyager at the Space Center, a 313-unit multifamily property located at 18101 Point Lookout Drive in the Houston metro of Nassau Bay. The Class A property was built in 2010. Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule and five years of interest-only payments.
SAN ANTONIO — Hilton Worldwide and development partners Crockett Urban Ventures and Merritt Development Group are building Canopy by Hilton San Antonio River Walk, a 22-story, 195-room hotel in San Antonio. The property will be located at the corner of North St. Mary’s and Commerce streets in the city’s River Walk neighborhood. Amenities will include a restaurant with an outdoor terrace and 3,000 square feet of meeting space. White Lodging Services will manage the hotel, which is slated for a fall 2018 completion
HOUSTON — NAI Partners has arranged a 31,512-square-foot industrial lease at 5114 Railroad St. in Houston. John Ferruzzo and Chris Kugle of NAI represented the landlord, 5114 Railroad LLC, in the lease negotiations. Travis Secor and Ryan Fuselier of JLL represented the tenant, Vac-One Services LLC, a vacuum and hydro-excavation services company.
ALBUQUERQUE, N.M. — Burger 21 will expand into New Mexico with the addition of an Albuquerque location set to open this October. The growing brand now has 22 open locations and 15 in development across 11 states. The new location is in the Winrock Town Center at 2100 Louisiana Blvd. in Albuquerque. The restaurant is 2,500 square feet with an additional 800 square feet of outdoor patio space. Chris Zalesiak owns the property. With 22 locations now open in Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina and Virginia, and approximately 15 in development in 11 states, Burger 21 is a fast-casual franchise concept founded in 2010.
LAS VEGAS — Atlanta-based Peak Campus has been awarded management of Rebel Place in Las Vegas, along with three other student housing communities in Texas and North Carolina. Waypoint Campus Housing, an affiliate of Waypoint Residential, purchased the 2,062-bed portfolio. Each community is located minutes from campus, and offers shared amenities including clubhouses with gaming stations, resort-style pools, business centers and computer labs, study rooms, sports courts, and outdoor social and grilling areas.
MOUNT PROSPECT, ILL. — Monument Capital Management (MCM), a division of A-ROD CORP, has acquired the Residences at 1550 in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 509-unit multifamily property is situated on 20 acres at 1550 W. Dempster St. The property features one-, two- and three-bedroom garden and townhome units. MCM plans to upgrade select units and improve exterior landscaping. The firm’s sister company, Monument Real Estate Services, will manage the property.
CARY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 76,421-square-foot industrial building in Cary, about 40 miles northwest of Chicago. The sales price was not disclosed. The property is located at 680 Industrial Drive. Illinois Lift Equipment Inc., a national equipment dealer providing forklifts and scissor lifts, purchased the property from Midwest Industrial Funds (MIF). The industrial investment and development company sold the building after completing extensive upgrades, including the demolition of over 20,000 square feet of a two-story office space; demolition of over 20,000 square feet of warehouse mezzanines, modernization of the truck docks; roof repairs; upgraded lighting; landscaping; parking lot replacement; and façade remodeling. Dan Jones, Mike DeSerto and Cory Kay of Entre Commercial represented MIF in both the original acquisition of the property and this sale. Steve Morken of Morken Associates represented the buyer in the transaction. In addition, Entre Commercial arranged a 25,000-square-foot lease at the property for Witt Management Group, a third-party provider of warehousing, order fulfillment and distribution.
ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of a 5,156-square-foot property net leased to Applebee’s in Rochester for $4.3 million. The building is located at 3794 Marketplace Drive Northwest. Adam “AJ” Prins, Matthew Hazelton, Cory Villaume and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a Twin Cities-based family that acquired the property as part of a 1031 exchange.