Property Type

Houlihan-Parnes Realtors Secures $2.9M Loan for Retail Property in New York

by Amy Works August 3, 2016

BRONXVILLE, N.Y. — Houlihan-Parnes Realtors has arranged a $2.9 million first mortgage loan for a retail property located at 10-24 Palmer Ave. in Bronxville. The three-story, 23,600-square-foot property features five retail stores with 100 feet of frontage on Palmer Avenue and an auto repair shop on Paxton Avenue. The loan, which was provided by a savings bank, features a 12-year term at a seven-year, 3.47 percent fixed-interest rate and a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes Realtors secured the financing for the undisclosed borrower.

August 3, 2016

Office Texas Top Stories

Fortis Property Group Acquires Chase Tower in Downtown Dallas for Reported $300M

by Haisten Willis August 3, 2016

DALLAS — New York-based Fortis Property Group has purchased Chase Tower in downtown Dallas from Hines, a privately owned real estate investment firm based in Houston. The 55-story, 1.3 million-square-foot tower is located on a 1.5-acre site at 2200 Ross Ave. in the city’s central business district. According to the Dallas Business Journal, the tower sold for “upwards of $300 million.” The skyscraper was built in 1987. Architect Richard Keating designed the building. Though it was recently renovated, Fortis plans additional upgrades. “It is always exciting to acquire a premier and iconic skyline office tower,” says Jonathan Laudau, CEO of Fortis. “In line with our strategy to purchase best-in-class properties, Chase Tower represents the best of downtown Dallas and the Arts District. We anticipate upgrading the Ross Avenue curb appeal and building accessibility as well as the foodservice amenities at the property.” J.J. Leonard and Matthew Wieser of Stream Realty Partners’ office division in Dallas will lead leasing efforts for the property. Amenities at the Class A property include the Dallas Petroleum Club, conferencing/lounge facilities, a fitness center, concierge in the main lobby, Chase Bank retail banking facility, Starbucks, free Wi-Fi in the mezzanine, 24-hour security and a full-service car wash. …

August 3, 2016

Arizona Retail Western

Cushman & Wakefield Arranges $18M Sale of Lakeview Village Near Phoenix

by Nellie Day August 2, 2016

GILBERT, ARIZ. — Cushman & Wakefield has arranged the $18 million sale of Lakeview Village, a 93,741-square-foot shopping center located in the Phoenix suburb of Gilbert. The property is located within the master planned community of Morrison Ranch. Bashas’ anchors the 97 percent-occupied center, which is home to tenants including Bank of America, Panda Express, Great Clips, UPS, H&R Block, Edward Jones and Subway. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Lakeview Village Center LLC, which is a company formed by North American Development Group and Morrison Ranch. The buyer was Vestar Lakeview LLC.

August 2, 2016

Colorado Retail Western

NewMark Merrill Completes Phase I of Development at Former Twin Peaks Mall in Longmont

by Nellie Day August 2, 2016

LONGMONT, COLO. — NewMark Merrill Cos. has completed Phase I of development at Village at the Peaks, a 500,000-square-foot lifestyle center located in Longmont. The property was the former site of Twin Peaks Mall, which NewMark Merrill acquired in 2012 for $8.5 million. Tenants at the 90 percent-occupied center include anchors Whole Foods Market, Sam’s Club and Regal Cinemas. Phase II of the development, which will total up to 40,000 square feet, is currently being marketed for lease.

August 2, 2016

Loans Multifamily Texas

Greystone Provides $107M Acquisition Financing for Multifamily Portfolio in Metro Dallas

by Haisten Willis August 2, 2016

DALLAS — Greystone has provided $107 million in Fannie Mae DUS loans for the acquisition of six multifamily properties in the Dallas suburbs of Irving, Lewisville, Benbrook and Euless. Rob Russell of Greystone originated the loans on behalf of the borrower, Chicago-based Intercapital Group. The properties, which total 1,711 residential units, include: Wimbledon in Lewisville Greenwood Creek in Benbrook Catalina Apartments in Lewisville Summer Gate Apartments in Irving Oaks of Lewisville in Lewisville Parc Plaza Apartments in Euless The 10-year Fannie Mae loans include 30-year amortization schedules and three years of interest-only payments.

August 2, 2016

Hospitality Texas

Hilton Worldwide Opens Home2 Suites Hotel in Metro Houston

by Haisten Willis August 2, 2016

STAFFORD, TEXAS — Hilton Worldwide has opened the 91-room Home2 Suites by Hilton Houston Stafford at 11121 Fountain Lake Drive in the Houston suburb of Stafford. The hotel is situated near downtown Houston, Sugar Land Town Square, Fountains Shopping Center and First Colony Mall. Owned and managed by Everwood Stafford LLC, Home2 Suites by Hilton Houston Stafford offers fully equipped kitchens and modular furniture. The pet-friendly hotel also features a pool, free internet access, complimentary breakfast and Spin2 Cycle, a combined laundry and fitness area. The hotel also features an outdoor saline pool and patio with grill area.

August 2, 2016

Healthcare Office Texas

Medistar Completes Medical Office Building in El Paso

by Haisten Willis August 2, 2016

EL PASO, TEXAS — Medistar Corp. has completed construction on Medical Plaza 1, a four-story, 110,000-square-foot medical office building located in El Paso on The Hospitals of Providence Transmountain Campus. Located at Resler and Transmountain drives, the new campus is anchored by a 108-bed hospital, which can be expanded to 140 beds and will serve as the new teaching hospital for Texas Tech University Health Sciences Center El Paso (TTUHSC). In conjunction with Medistar, TTUHSC El Paso and The Hospitals of Providence are collaborating on the multi-million dollar teaching hospital to open in early 2017 and immediately adjacent to Medical Plaza 1. HKS is the architect for Medical Plaza 1, and Robins & Morton is the general contractor.

August 2, 2016

Loans Multifamily Texas

Old Capital Provides $2.7M Loan for Regency Place Apartments in Metro Dallas

by Haisten Willis August 2, 2016

HURST, TEXAS — Old Capital has provided a $2.7 million loan for the purchase and renovation of Regency Place Apartments in Hurst. A local ownership group acquired the 78-unit property for an undisclosed price. Old Capital provided the five-year loan at a 4.5 percent fixed interest rate with one year of interest-only payments. The loan was structured to fund 75 percent of the purchase price and all of the renovations and unit upgrades through an approved capital improvement program.

August 2, 2016

Multifamily Texas

ARA Newmark Arranges Sale of Two Value-Add Apartment Properties in San Antonio

by Haisten Willis August 2, 2016

SAN ANTONIO — ARA Newmark has arranged the sale of two garden-style apartment communities spanning 557 units in San Antonio. The value-add properties, Mirada and The Heritage, sold separately and were both 95 percent occupied at the time of sale. ARA Newmark’s Pat Jones and Matt Michelson represented the sellers, private limited partnerships affiliated with TriVest McNeil Real Estate. In the first transaction, California-based Regional Investment & Management added Mirada to its existing six-property portfolio in Texas. Built in 1995, the 252-unit property features a fitness center and pool. The Heritage marks the 12th Texas acquisition in recent years for Austin-based CFH Investment Partners. Constructed in 2005, the 305-unit property features a gymnasium-sized basketball and sport court, grill areas and a business center.

August 2, 2016

Illinois Loans Midwest Office

HFF Arranges $233.3M Construction Loan for Trophy Office Tower in Chicago’s West Loop

by Christina Cannon August 2, 2016

CHICAGO — HFF has arranged a $233.3 million construction loan for a 35-story office tower in Chicago’s West Loop. The John Buck Company will develop the Class A CNA Center at 151 N. Franklin St. The building will serve as the new world headquarters for CNA, an insurance organization and the principal subsidiary and operating company of CNA Financial. The tower will also house the national headquarters for Hinshaw & Culbertson LLP, an international law firm. The LEED Gold-certified building will boast 807,137 square feet of space and a 500-stall parking garage. Amenities at 151 N. Franklin will include a 4,200-square-foot rooftop terrace and bar, 10,000 square feet of courtyards, a fitness center, 250-seat conference center, restaurant, bike room and a café and coffee bar. The project is slated for completion in the summer of 2018. Michael Kavanau and Danny Kaufman of HFF placed the loan with Bank of the Ozarks. John Ronan Architects and Adamson Associates are the project designers.

August 2, 2016

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