Property Type

Transwestern Arranges Construction Financing for High-Rise Condominium in Houston

by Haisten Willis October 2, 2015

HOUSTON — Transwestern has arranged construction financing for the Arabella, a condominium tower being developed on the southeast corner of San Felipe Road and Westcreek Lane in Houston. The 33-story property, which will have a total of 99 residences, is scheduled for completion in fall 2017. Jan Sparks and Michael Snodgrass of Transwestern arranged the financing on behalf of developer Randall Davis of D.C. Partners. The EB-5 Immigrant Investor Program, which was part of the equity, allows foreign nationals to obtain an expedited green card in exchange for stimulating the U.S. economy through job creation. Located next to the River Oaks District, Arabella is expected to break ground this month. The high-rise will have penthouses with private swimming pools on the upper floors and a variety of floorplans, most with private elevator entries. Powers Brown Architecture is the project’s architect, and GT Leach Construction is the general contractor.

October 2, 2015

Loans Multifamily Texas

RealtyMogul.com Finances Acquisition of Multifamily Property in Metro Dallas

by Haisten Willis October 2, 2015

IRVING, TEXAS — RealtyMogul.com has helped finance the acquisition of the Villa France Apartments, a 134-unit apartment property in Irving. RealtyMogul.com raised $1.5 million of the $3.4 million financing in equity. A joint venture between Paladin Preferred Capital and Steve Bram served as the sponsors of the transaction. Villa France, which is located between Dallas and Fort Worth, features amenities including a playground area, swimming pool and community barbecues. While 35 percent of the units at the property have been upgraded, the sponsor plans to complete renovations on the additional 87 units to optimize rental rates.

October 2, 2015

Retail Texas

Axis Realty Group Arranges Sale of Retail Center in Metro Dallas

by Haisten Willis October 2, 2015

PILOT POINT, TEXAS — Alex Payne of Denton, Texas-based Axis Realty Group has arranged the sale of Northstar Center, a 42,040-square-foot, grocery-anchored retail center in Pilot Point. Payne represented the unnamed seller in the transaction. PD Capital, a Dallas-based retail investment group, was the buyer. Tenants at the property include Brookshire Brothers, Anytime Fitness, Pizza Hut and Golden Chick. Located at 750 US-377, Northstar Center was built in 2006 and the Brookshire Brothers space was completely renovated earlier this year.

October 2, 2015

Multifamily Retail Texas

Corazon Development in Austin Earns LEED Gold Certification

by Haisten Willis October 2, 2015

AUSTIN, TEXAS — The U.S. Green Building Council (USGBC) has awarded LEED Gold certification to East Austin’s Corazon apartment and retail development. Developed by Austin-based Argyle Residential, the project utilizes high-efficiency heating and cooling systems, and each unit features energy-efficient lighting, appliances and hot water heaters. The project also used recycled materials during the construction process, and took steps to minimize construction waste. The LEED scoring system also recognized the walkability and public transit access provided by Corazon’s central location, the project’s drought-tolerant landscaping and its use of materials and finishes that promote a healthy indoor environment.

October 2, 2015

Florida Retail Southeast

Federal Realty Acquires 85 Percent Interest in Mixed-Use Development in Miami for $110M

by John Nelson October 2, 2015

MIAMI — Federal Realty Investment Trust, alongside partners Grass River Property and The Comras Co., has acquired an 85 percent interest in The Shops at Sunset Place, a 515,000-square-foot mixed-use center located in Miami. The $110 million transaction includes the assumption of an existing $70.8 million mortgage with an interest rate of 5.6 percent and maturity date of September 2020. The center comprises 408,000 square feet of retail and 107,000 square feet of office space with a 1,700-square-foot parking garage. Tenants at the center include AMC Theatres, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie.

October 2, 2015

Arkansas Retail Southeast

GBT Realty to Develop Shopping Center in Arkansas

by John Nelson October 2, 2015

BENTON, ARK. — GBT Realty Corp. has signed a contract to acquire a 28.8-acre parcel along I-30 West in Benton for the development of The Shoppes of Benton. The 170,000-square-foot regional shopping center will be GBT Realty’s first development in Arkansas. The Brentwood, Tenn.-based developer plans to close on the land purchase by the end of the year and break ground in the first quarter of 2016. The city of Benton passed a resolution in September that established a partnership with Benton Public Utilities Commission for $1.4 million in infrastructure improvements at the site, including water, sewer and electrical services. Valued at $36 million upon completion, The Shoppes of Benton will feature two anchor tenants, space for three junior anchors, 32,000 square feet of small shop space and four outparcels. GBT is currently finalizing negotiations with several national retailers, some first-to-market. The company expects to announce the initial tenant line-up early next year and complete construction by spring 2017.

October 2, 2015

Florida Loans Multifamily Southeast

IPA Capital Markets Arranges $35.2M Acquisition Loan for Apartment Complex in Orlando

by John Nelson October 2, 2015

ORLANDO, FLA. — Institutional Property Advisors Capital Markets (IPA Capital Markets) has arranged $35.2 million in acquisition financing for Victoria Place, a 364-unit apartment community located at 12612 Victoria Place Circle in Orlando. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the 15-year loan with a fixed 4.78 percent interest rate and a 30-year amortization schedule. The loan features 10 years of interest-only payments.

October 2, 2015

Florida Retail Southeast

Phillips Edison Grocery Center REIT II Acquires Shopping Center in Metro Orlando for $13.1M

by John Nelson October 2, 2015

DAVENPORT, FLA. — Phillips Edison Grocery Center REIT II Inc. has acquired Berry Town Center, a 99,441-square-foot, Publix-anchored shopping center located 15 miles southwest of Orlando in Davenport. The REIT purchased the shopping center from Sabal Financial Group for $13.1 million. Berry Town Center’s tenant roster includes Leslie’s Pool Supplies, Regis and Linksters Tap Room. CBRE represented the seller in the transaction.

October 2, 2015

Mississippi Office Southeast

Hertz Investment Group Buys City Centre in Jackson’s CBD for $6.2M

by John Nelson October 2, 2015

JACKSON, MISS. — Hertz Investment Group, a Santa Monica, Calif-based commercial real estate investor and manager, has acquired the 266,700-square-foot City Centre located at 200 S. Lamar St. in Jackson’s central business district (CBD). Hertz purchased the two-tower, Class A office property from Parkway Properties for $6.2 million. The office property was 87 percent leased at the time of sale to a tenant mix comprising law firms, government agencies and insurance companies. City Centre was renovated in 1987 and features two lobbies with marble finishes and an atrium with black granite and mahogany panels. In addition to City Centre, Hertz’s downtown Jackson portfolio includes the Pinnacle, One Jackson Place, 111 East Capitol, Regions Plaza and Regions Bank Building. The investor’s overall portfolio spans more than 19 million square feet of office space in 20 cities across 15 states.

October 2, 2015

Loans New York Northeast Office

Meridian Capital Arranges $50M in Refinancing for Crossroads Office Portfolio in New York

by Amy Works October 2, 2015

HAUPPAUGE AND ISLANDIA, N.Y. — Meridian Capital Group has negotiated $50 million in permanent financing to refinance the Crossroads Office Portfolio in Hauppauge and Islandia. The Matrix Group was the borrower. Jeffries LoanCore LLC provided the 10-year CMBS and mezzanine financing package. The portfolio contains two adjacent office parks, Crossroads Corporate Center and Crossroads Executive Park, totaling 14 buildings and 392,000 square feet. The properties are located at 1363-1393 Veterans Memorial Highway in Hauppauge and 1707-1797 Veterans Memorial Highway in Islandia. The multi-tenant properties were constructed between 1984 and 1989. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian Capital Group arranged the financing.

October 2, 2015

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