AUSTIN, TEXAS — Grandbridge Real Estate Capital has secured a $38.9 million loan for Barton Creek Apartments, a 250-unit garden-style complex located in Austin. Mike Ortlip and Josh Davis of Grandbridge’s Charlotte office arranged the loan, which was provided by an insurance company. The loan features a seven-year term and a 30-year amortization schedule.
AUSTIN, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured a $14.1 million loan for the refinancing of Huntington Meadows Apartment Homes, a 200-unit affordable apartment community in Austin. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) loan insurance program for the purchase or refinancing of existing multifamily rental housing. Using the program enabled the ownership group to lock in a fixed interest rate for a 35-year term, fund a replacement reserve and free up more than $1 million for repairs and upgrades. Decker Lane Partners LP purchased the property in 2015. It was originally built in 1998 as Gardens at Decker Lane, which drew on funding support from low-income housing tax credits (LIHTCs). Decker Lane Partners and its management company, AmeriSouth Realty, took over the property in 2011.
NEW CANEY, TEXAS — Cinemark Theatres is planning to begin construction on a 10-screen theater in the entertainment district at Valley Ranch Town Center, a development of The Signorelli Co. Valley Ranch is a 240-acre retail district located at the intersection of I-69 and the Grand Parkway. The new theater will be Cinemark’s 13th location in the Houston area and the first new construction, all-reclining seat theater for Cinemark in metro Houston. Each auditorium will feature electric reclining seats with adjustable head and foot rests, and the theater will offer reserved seating, online ticketing and self-serve concessions. The theater is expected to be 40,000 square feet and will open in late 2017 or early 2018.
SAN MARCOS, TEXAS — BMC Capital has arranged the $6.2 million refinancing of a North Carolina Furniture Direct store located in San Marcos. The five-year, fixed-rate loan features a 25-year amortization schedule. Hank Crane of BMC secured the financing on behalf of the borrower through an undisclosed bank.
MCKINNEY, TEXAS — SRS Distribution Inc., a roofing supply company, has signed a lease expansion for its office at Valliance Plaza in McKinney. The company will now occupy 5,452 square feet. Stephen Hemphill of Mohr Partners represented the tenant, and Heather Shover and Sean Dalton of Younger Partners represented the landlord in the leasing transaction.
NILES, ILL. — Baum Realty Group has arranged the sale of Oak Mill Plaza, a grocery-anchored retail property located at 7900 N. Milwaukee Ave. in the Chicago suburb of Niles. Major Realty Group sold the center to an affiliate of Phillips Edison & Co. for an undisclosed price. The 164,000-square-foot property is anchored by Jewel-Osco. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller in the deal.
WIXOM, MICH. — Signature Associates has negotiated the investment sale of a high-tech space located at 51229 Century Court in Wixom, a northwest suburb of Detroit. Synergy Investments acquired the 39,262-square-foot space from CRS for an undisclosed sum. Jim Montgomery and John Fricke of Signature Associates represented the seller, while Montgomery also represented the buyer in the deal.
COLUMBUS, IND. — Namdar Realty Group has acquired State and Mapleton Plaza, a neighborhood retail center located at 2150 State St. in Columbus, about 40 miles south of Indianapolis. A private investor sold the property for a little more than $1 million. At the time of acquisition, the 19,425-square-foot property was fully occupied with CVS/pharmacy and Dollar General as anchor tenants. Joel J. Gorjian of Namdar Realty completed the all-cash, off-market transaction for the company.
BELLEVUE, WIS. — Cohen Financial has secured $9.4 million in acquisition financing for Bellevue Town Center, a retail center located in Bellevue near Green Bay. Dan Rosenberg and Matt Terpstra of Cohen arranged fixed-rate, 10-year loan for the borrower, Midland Atlantic Properties. The 75,000-square-foot retail center is anchored by a Pick ’n Save grocery store.
PINCKNEY, MICH. — Colliers International has arranged the sale of a multifamily property located at 10592 Whitewood Drive in Pinckney. Whitewood Duplex LLC sold the 14-unit property to an undisclosed buyer. Situated on 8.7 acres, the 10,896-square-foot complex features seven duplexes. Jim Chaconas of Colliers represented the seller in the transaction. The acquisition price was not released.
