Property Type

HFF Secures $190 Million Financing for Fountain Place

by Katie Sloan September 2, 2015

DALLAS — Holliday Fenoglio Fowler (HFF) has secured $190 million in financing for Fountain Place, a 1.2 million-square-foot office tower located in Dallas. John Brownlee, Steve Heldenfels and Jim Curtin of HFF worked on behalf of the borrower, Goddard Investment Group, to secure the financing through AIG Investments. The $190 million loan was broken into two components: a $100 million, initial seven-year, fixed-rate loan; and a $90 million floating-rate loan. Proceeds are being used to take out the existing financing and fund tenant improvements and leasing commissions, as well as capital expenditures for the construction of a new parking garage and interior renovations.

September 2, 2015

Progress Student Living Begins Construction on Progress405 Near Oklahoma State

by Katie Sloan September 2, 2015

STILLWATER, OKLA. — Progress Student Living has begun construction on Progress405, a luxury student housing community near the central campus of Oklahoma State University (OSU) in Stillwater. Located on an 11-acre site at the northern edge of the OSU campus, Progress405 will consist of four three-story buildings with 544 bedroom/bathroom suites in 180 apartment units. When completed, Progress405 will be the nearest Class A, fully amenitized, student housing complex to campus, according to Progress Student Living. The community will be located less than a quarter-mile from Boone Pickens Stadium and a half-mile from the center of campus. Among the property’s amenities will be an outdoor, resort-style swimming pool; a 10,000-square-foot clubhouse; outdoor grilling areas with fire pits; a fitness center; a sand volleyball court; a collaborative study center; a cybercafé; on-site bike racks; and community Wi-Fi. The apartments at Progress405 will be fully furnished and available in one-, two- and four-bedroom floor plans, with each bedroom having its own bathroom. Progress405 will be completed for the 2016-2017 academic year. Greystar Student Living will serve as property manager. Mutual of Omaha Bank is providing construction financing for the project, with equity from Seminole Financial Services. Stillwater National Bank provided acquisition and …

September 2, 2015

Loans Multifamily Texas

LMI Capital Closes Three Multifamily Loans Totaling $15M in Greater Houston

by Katie Sloan September 2, 2015

HOUSTON — LMI Capital has closed three loans totaling $15 million for the acquisition of two garden-style apartment complexes and the refinancing of a third multifamily property in metro Houston. The acquisitions included 260 units across two properties in the thriving Spring Branch submarket. While the assets shared a similar location, the transactions required distinct capital solutions. In the first transaction, Jamie Safier of LMI secured a 10-year CMBS loan at a low fixed rate. The loan represented over 90 percent of the purchase price. For the second acquisition, Safier arranged a five-year loan at a fixed rate of 4.35 percent. The loan equated to over 75 percent of the asset’s purchase price. The deal also featured a flexible prepayment structure. Amid the closings of the two acquisition loans, Safier closed a $2.5 million refinance loan for a 50-unit multifamily property in Tomball. The 10-year agency loan arranged at a fixed rate of 4.34 percent provided significant cash-out proceeds for the client within 18 months of its original acquisition.

September 2, 2015

Industrial Northeast Pennsylvania

Dermody, PCCP to Develop 475,800 SF Industrial Facility in Eastern Pennsylvania

by Amy Works September 2, 2015

FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have partnered to develop a 475,800-square-foot industrial facility at 4200 E. Braden Blvd. in Forks Township in Lehigh Valley.Construction is slated to begin in fourth quarter, with completion scheduled for mid-2016. LogistiCenter at 33 will feature 36-foot clear heights, 226 car parking spaces and 85 trailer parking spaces. The facility is ideally suited for warehouse, distribution and manufacturing operations. Dermody Properties is the industrial developer and operating partner, and PCCP is the financial partner for the project.

September 2, 2015

Industrial Texas

Stream Realty Partners Arranges 14,700 SF Industrial Lease in San Antonio

by John Nelson September 2, 2015

SAN ANTONIO — Stream Realty Partners has secured a 14,700-square-foot industrial lease at Interwest Business Park in northwest San Antonio. The 218,219-square-foot industrial facility is located at 6800 Alamo Downs Parkway at Loop 410 and Culebra Road. Jason Schnittger and Kevin Cosgrove of Stream Realty Partners represented the landlord, G&I VII Interwest Business LP, in the transaction. Joe Caroll of Cavender & Hill Properties Inc. represented the tenant, O’Hagin LLC, in the transaction.

September 2, 2015

Office Texas

MYCON to Build Medical Office Building in Plano for $3.1M

by Katie Sloan September 2, 2015

PLANO, TEXAS — MYCON General Contractors has been awarded a $3.1 million construction contract to build Star Medical Center Office Building, a 30,160-square-foot, two-story medical office building located at 4100 Mapleshade Lane in Plano. The owner and developer is Star Medical Center LLC. The project architect is Bryant Burton Kupcunas Architects Inc. Star Medical Center is an acute-care hospital located immediately adjacent to the new medical office construction. A groundbreaking ceremony is scheduled for Friday, Sept. 4, and MYCON plans to complete construction by the end of the year.

September 2, 2015

California Loans Multifamily Western

NorthMarq Arranges $93M Financing for Silicon Valley Apartment Buildings

by Nellie Day September 2, 2015

SANTA CLARA, CALIF. — NorthMarq Capital has arranged $93 million in financing for Timberleaf Apartments and Alderwood Apartments, a pair of apartment buildings in the Silicon Valley submarket of Santa Clara. The funds will allow the borrower, Prometheus Real Estate Group, to lock in low interest rates. Prometheus will also enjoy a period of interest-only payments for part of the loan term. Prometheus built both properties in the late 1980s. The company has made substantial upgrades to both assets over the past 10 years. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the new senior mortgage loans were arranged by through the firm’s correspondent relationship with a life insurance company.

September 2, 2015

California Civic Western

Bernards to Upgrade Health Facilities at Two California State Prisons

by Nellie Day September 2, 2015

BAKERSFIELD, CALIF. — Construction management company Bernards will build new prison healthcare facilities and renovate the existing buildings at two state prisons situated just north of Bakersfield. The contract through the Department of Corrections and Rehabilitation pertains to the North Kern State Prison (NKSP) in Delano and the Wasco State Prison in Wasco. The prisons are about 20 minutes from one another. Improvements to healthcare facilities at these prisons are part of the state-mandated Health Care Facility Improvement Program. This program was implemented following a 2006 decision by the U.S. District Court for the Northern District of California to place the state’s prison healthcare system in receivership. The decision came after several inmates were successful at raising lawsuits against the State of California alleging the healthcare provided to prisoners violated their constitutional rights.

September 2, 2015

Arizona Office Western

Irgens Breaks Ground on Phase I of Ascend at Chandler Airport Center Corporate Campus

by Nellie Day September 2, 2015

CHANDLER, ARIZ. — Real estate deveoper Irgens has broken ground on the first phase of the Ascend at Chandler Airport Center Corporate Campus. Phase I will include an 81,712-square-foot, single-story building. The four-phase project will eventually contain 400,000 square feet. Phase I is scheduled for completion this January. The Ascend campus is situated at the northwest corner of Germann and Cooper roads in Chandler. Balmer Architectural Group is designing the project, which Chasse Building Team will construct. Cushman & Wakefield is serving as the leasing agent.

September 2, 2015

California Retail Western

Four New Restaurants to Open at Terminal One at LAX

by Nellie Day September 2, 2015

LOS ANGELES — Westfield has announced that four new restaurants will open at Terminal One at LAX as part of a $508 million overhaul spearheaded by Southwest Airlines in partnership with Los Angeles World Airports. New venues will include Reilly’s Irish Pub, The Coffee Bean & Tea Lead, California Pizza Kitchen and Deli & Co. When complete, Terminal One will include 24 new dining and retail destinations. The new locations are expected to open later this year, with the total terminal redevelopment set for completion in 2018. Westfield’s new retail and dining collection will span 25,242 square feet, and will also be home to Rock & Brews, Be Relax, Quiksilver, Treat Me Sweet, I Love L.A. and Brookstone.

September 2, 2015

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