Property Type

LMI Capital Closes Five Loans in Houston, Dallas Exceeding $36M

by Amy Works November 8, 2016

HOUSTON AND DALLAS — LMI Capital has closed five financing transactions for six assets in the Houston and Dallas exceeding $36 million. In the first transaction, Jamie Mullin of LMI Capital procured a $15 million, floating-rate loan for a 435-unit multifamily asset in southwest Houston. The terms include a two-year interest-only period, open prepayment structure and significant rehab component, which will be used to improve the buildings’ exteriors and complete select upgrades for the units’ interiors. The name of the borrower and the property were not released. In the second deal, Kurt Dennis of LMI Capital originated a 25-year bank loan on an 11,000-square-foot office building in northwest Dallas. The first mortgage equated to 73 percent of the purchase price and included a step-down prepayment structure and low closing costs. The name of the borrower and the amount of the loan were not disclosed. Mullin also arranged financing for four assets in southwest Houston. The transactions included: – A 10-year, $4 million agency loan for a 120-unit multifamily asset. Terms of the loan included a fixed 4.1 percent interest rate, two years of interest-only payments and cash out proceeds to make ongoing improvements to the property and fund future acquisitions. – …

November 8, 2016

Multifamily Texas

Presidium Group Acquires Lake Worth Apartments in Fort Worth

by Amy Works November 8, 2016

FORT WORTH, TEXAS — Presidium Group has purchased the Vistas at Lake Worth Apartments, a multifamily property located in Fort Worth, for an undisclosed price and renamed the property The Ascent. Built in 1970, the property features 265 units in a variety of floor plans, averaging 935 square feet. On-site amenities include a clubhouse, two swimming pools, a fitness center, media room, business center, controlled gate access, mature landscaping and views of Lake Worth. The buyer plans to upgrade and renovate both the exterior and interiors of the property. The name of the seller was not released.

November 8, 2016

Loans Multifamily Texas

JLL Arranges $9.8M Acquisition Loan for 252-Unit Apartment Complex in Houston

by Amy Works November 8, 2016

HOUSTON — JLL has arranged $9.8 million in acquisition financing for Cypress Ridge Apartments, a multifamily property located in Houston. The borrower is The PPA Group LLC. Mark Brandenburg and CW Sheehan of JLL arranged the seven-year loan through JLL’s Fannie Mae DUS lending program. Situated on 8 acres, the property features 252 apartment units in a mix of one-, two- and three-bedroom floor plans. Community amenities including a swimming pool with a gazebo, a playground and three central laundry rooms.

November 8, 2016

Restaurant Retail Texas

The Richland Cos. Enters Corpus Christi with Acquisition of Restaurant Property

by Amy Works November 8, 2016

CORPUS CHRISTI, TEXAS — The Richland Cos. has entered the Corpus Christi market with the acquisition of Pizza Hut & Wing Street, located at 2120 S. Staples St. across from Del Mar College East Campus. The restaurant property is situated on a 46,110-square-foot land parcel. The acquisition price and name of the seller were not released. The property is Richland’s 35th asset, marking more than 2.5 million square feet of properties that the company owns and manages in four states.

November 8, 2016

Illinois Midwest Office

Tishman Speyer Negotiates 105,000 SF Office Lease for OCC at The Franklin

by Kristin Harlow November 8, 2016

CHICAGO — Tishman Speyer has arranged a 105,000-square-foot lease for OCC, the world’s largest equity derivatives clearing organization, at The Franklin in Chicago’s West Loop. The Franklin is a Class A office complex that recently underwent a complete repositioning, including the redevelopment of the lobby. The complex consists of two connected buildings at 222 W. Adams St. and 227 W. Monroe St., totaling nearly 2.5 million square feet. Holly Duran, Lois Durkin and Jeff Mulder of Holly Duran Real Estate Partners LLC represented OCC in the transaction. Ellen May and Greg Tait of Tishman Speyer represented building ownership.

November 8, 2016

Midwest North Dakota Retail

Mid-America Arranges Sale of Pinehurst Square West Shopping Center in Bismarck, N.D.

by Kristin Harlow November 8, 2016

BISMARCK, N.D. — Mid-America Real Estate Corp. has arranged the sale of Pinehurst Square West, a 69,119-square-foot shopping center in Bismarck. The sale price was not disclosed. The center is located at the northeast quadrant of I-94 and Tyler Parkway and is anchored by Best Buy, PetSmart and Dollar Tree. Joe Girardi and Ben Wineman of Mid-America Real Estate, in cooperation with Jill Duemeland of Duemelands Commercial Real Estate, were the exclusive brokers in the transaction on behalf of the seller. Dakota REIT was the buyer.

November 8, 2016

Illinois Midwest Retail

The Boulder Group Arranges $6.5M Sale of Net Leased Walgreens Property in Chicago

by Kristin Harlow November 8, 2016

CHICAGO — The Boulder Group has arranged the sale of a single-tenant property net leased to Walgreens in Chicago for $6.5 million. Located at 4385 S. Archer Ave., the property is situated near Interstate 55. There are over 14 years remaining on the lease to Walgreens. The lease expires in 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private real estate firm. The buyer was a Midwest investment company.

November 8, 2016

Florida Office Southeast

Megastron Development Breaks Ground on Office Park in Orlando

by John Nelson November 8, 2016

ORLANDO, FLA. — Megastron Development LLC has broken ground on Kirkman Point II, a Class A, 134,000-square-foot office building located at the intersection of International Drive and Kirkman Road in south Orlando. The building is the second phase of development for Kirkman Point, an office park that will consist of four Class A office buildings and two parking decks upon completion. Megastron Development has selected Jay Dixon and Tom Rich of CBRE as the leasing agents for the entire Kirkman Point development. Megastron plans to deliver Kirkman Point II in the fourth quarter of 2017.

November 8, 2016

Maryland Southeast Student Housing

Greystar, Rockpoint Group Acquire Student Housing Community Near the University of Maryland

by John Nelson November 8, 2016

COLLEGE PARK, MD. — A partnership between Greystar Real Estate Partners LLC and Rockpoint Group has acquired University View, a 1,573-bed student housing community located near the University of Maryland campus in College Park. The joint venture plans to implement full interior upgrades to units and enhancements to the common areas and amenity spaces, including the conversion of the existing pool area into a resort-style amenity. The two-building property features studio, one-, two-, three- and four-bedroom units alongside 9,218 square feet of ground-floor retail space. Community amenities include two fitness centers, a barre and yoga studio, instructor-led fitness classes and shuttle service to campus.

November 8, 2016

Affordable Housing Florida Multifamily Southeast

Berkadia Brokers $14M Sale of Affordable Housing Complex in Miami

by John Nelson November 8, 2016

MIAMI — Berkadia has brokered the $14 million sale of Cutlerwood Apartments, a 161-unit affordable housing community located in Miami’s Cutler Bay neighborhood. Asden Realty purchased the Section 8 property from American Federated Tile Corp. for roughly $134 per square foot. Berkadia arranged a six-year, $11.4 million Freddie Mac loan on behalf of Asden Realty to fund the acquisition. Tal Frydman, Fernando Polanco and Yoav Yuhjtman of Berkadia’s South Florida office brokered the sale, and Mitch Sinberg and Matt Robbins from the same office arranged the financing.

November 8, 2016

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