Property Type

Metropolitan Capital Advisors Secures $15M Construction Loan for Dual-Branded Hotel in McKinney

by Christina Cannon July 1, 2016

MCKINNEY, TEXAS — Metropolitan Capital Advisors has arranged a $15 million non-recourse construction loan for a dual-branded SpringHill Suites by Marriott and Home2 Suites by Hilton located in McKinney. The six-acre parcel of land is located just off the northwest corner of Eldorado Parkway and North Central Expressway. The transaction featured a non-recourse first lien mortgage and a second lien funded with EB-5 capital. A regional bank provided the loan. Three separate undisclosed firms will team up as the developer for the project, with differing levels of involvement with regard to the completion guarantee and the management of hotel operations. The project also features a partnership between two undisclosed general contracting companies.

July 1, 2016

Office Texas

Trammell Crow Completes Phase I of FMC Technologies Office Campus in Houston

by Christina Cannon July 1, 2016

HOUSTON — Trammell Crow Co. has completed Phase I of the FMC Technologies Campus at Generation Park, a 173-acre office complex located at the northeast corner of the Sam Houston Tollway in Houston. Locally based FMC Technologies is a provider of technologies and services to the oil and gas industry specializing in subsea systems. Phase I of the complex, which features six buildings situated on 71 acres, is comprised of more than 1 million square feet of office, workshop and warehouse space plus a 2,036-space parking garage. Each building is connected with covered and landscaped pedestrian walkways. A six-story, 369,000-square-foot office building within Phase I was recently awarded LEED Gold certification by the U.S. Green Building Council. Gensler was the project architect and managed the LEED certification process. Other members of the design team included civil engineer Cobb Fendley & Associates Inc.; landscape architect Clark Condon Associates, Inc.; structural engineer Cardno Haynes Whaley; MEP engineer Wylie Consulting Engineers; and general contractor David E. Harvey Builders. McCord Development constructed the project’s off-campus road and utilities infrastructure, along with an adjacent amenity lake with walking trails.

July 1, 2016

Loans Multifamily Texas

Dougherty, Old Capital Lending Arrange $10.1M Acquisition Loan for Apartment Complex in Arlington

by Christina Cannon July 1, 2016

ARLINGTON, TEXAS — A partnership between Dougherty Mortgage and Old Capital Lending has arranged a $10.1 million acquisition loan for Water Chase Apartment Homes, a 200-unit multifamily community in Arlington. The gated, pet-friendly complex features a swimming pool, fitness center and a clothing care center. Individual units include washer/dryer connections, walk-in closets and private balconies and patios. Dougherty Mortgage and Old Capital Lending arranged the 12-year Fannie Mae loan on behalf of the borrower, TFG Waterchase Apartments LLC. The loan features two years of interest-only payments and a 30-year amortization schedule.

July 1, 2016

Hospitality Texas

M&M Arranges Sale of 100-Room Motel in Mesquite

by Christina Cannon July 1, 2016

MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Spanish Trails Inn, a 100-room motel in the Dallas suburb of Mesquite, for an undisclosed price. The privately owned, two-story, exterior-corridor motel was renovated in 2013. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented both the seller, a developer, and the buyer, a limited liability company.

July 1, 2016

Industrial Texas

NAI Partners Negotiates Lease Renewal for 14,950 SF Industrial and Office Space in Metro Houston

by Christina Cannon July 1, 2016

STAFFORD, TEXAS — NAI Partners has negotiated a lease renewal for Service Master Southwest at 12613 Executive Drive in Stafford, a suburb of Houston. The company will continue to occupy 14,950 square feet of industrial warehouse and office space at the property. Chris Caudill of NAI Partners represented the tenant during the lease negotiations, while Bo Pettit of Boyd Commercial represented the landlord, Crow Holdings.

July 1, 2016

Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges Sale, Financing of 100-Bed Skilled Nursing Facility in Ohio

by Christina Cannon July 1, 2016

COLUMBUS, OHIO — Lancaster Pollard has arranged both the sale of, and acquisition financing for, Columbus West Park Nursing and Rehabilitation Center, a 100-bed skilled nursing facility in Columbus’ Westgate neighborhood. In the sale transaction, Chad Elliott and Steve Kennedy represented the seller, a family that has owned the property since 1992. The MacIntosh Company purchased the facility for an undisclosed price, expanding the company’s Central Ohio seniors housing portfolio to six communities. Columbus West Park was built in 1984, and the sale included excess land for potential future expansion. In the financing transaction, Chris Mauger and Brendan Healy arranged a balance-sheet loan to fund the acquisition. The financing was structured as a bridge-to-HUD loan.

July 1, 2016

Affordable Housing Illinois Loans Midwest Multifamily

U.S. Bank Invests in Affordable Housing Project in Chicago

by Christina Cannon July 1, 2016

CHICAGO — U.S. Bank has invested $5.9 million in low-income housing tax credits equity and provided a $6.8 million construction loan for a 30-unit apartment project in the Chicago Lawn neighborhood. Southwest Organizing Project and Brinshore Development are heading up the project that will turn nine vacant buildings into apartments that are below the market rate. The nine buildings will provide two one-bedroom, 16 two-bedroom, 10 three-bedroom and two four-bedroom units. Four of the units will be fully disabled-accessible. Tenants will earn between 30 percent and 60 percent of the area median income, and rents will range from $270 to $1,005 per month. Construction on the buildings, which cover a six-block area, is expected to be complete next June.

July 1, 2016

Indiana Midwest Retail

CBRE Arranges Sale-Leaseback of 19 Facilities Operated by Raben Tire Co.

by Christina Cannon July 1, 2016

EVANSVILLE, IND. — CBRE has assisted Raben Tire Company Inc. in the sale-leaseback of 19 property across five states. A private REIT, Broadstone Net Lease, acquired the assets, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri. The properties total 450,711 square feet. Raben Tire Co. currently operates 28 stores, three retreading facilities and two wholesale distribution centers. Andrew Sandquist, JC Asensio and Briggs Goldberg of CBRE’s Chicago office, along with Chris Bosworth, Will Pike and Brian Pfohl of CBRE’s Atlanta office, represented Raben Tire Co. in the transaction.

July 1, 2016

Iowa Midwest Multifamily Seniors Housing

Anchor Housing Development Completes 48-Unit Affordable Seniors Housing Community in Iowa

by Christina Cannon July 1, 2016

MASON CITY, IOWA — Anchor Housing Development has completed construction of Legacy Manor of Mason City II, a 48-unit affordable seniors housing community, in Mason City, approximately 120 miles north of Des Moines. WNC, a California-based real estate investor, provided $5.9 million in low-income housing tax credit (LIHTC) equity to fund the development. Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for residents aged 55 and older. Daniel Tonnesen was project developer for the development, which took one year to complete.

July 1, 2016

Illinois Midwest Multifamily

Interra Brokers $3.5M Sale of Three Chicago Properties

by Christina Cannon July 1, 2016

CHICAGO — Interra Realty has brokered the sale of a three-property portfolio located in Chicago’s Jefferson Park neighborhood for a total of $3.5 million. The properties include a mixed-use asset at 5802 W. Catalpa Ave. that sold for $2.1 million, and two multifamily properties located at 5402 W. Windsor Ave. and 4518 N. Long Ave. The multifamily properties sold for $657,500 and $702,500, respectively. The portfolio included a total of 32 apartment units and eight commercial spaces. Joe Smazal of Interra Realty represented both undisclosed parties in the transaction.

July 1, 2016

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