Property Type

ARA Newmark Arranges Sale of 436-Unit Apartment Property in Metro Dallas

by Haisten Willis September 15, 2015

GRAND PRAIRIE, TEXAS — ARA Newmark has arranged the sale of Towns of Riverside, a 436-unit, Class A apartment property located in Grand Prairie. Irvine, Calif.-based Bascom Group was the buyer, and the company plans capital improvements on the property. Towns of Riverside was 96.5 percent occupied at the time of sale. ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy and Brian O’Boyle, Jr. led the sales effort on behalf of Irvine, Calif.-based Passco Cos. Jamie Leachman of NGKF Capital Markets arranged debt financing on the deal. Towns of Riverside was constructed in 1999 and its average unit size is 997 square feet. Community amenities include a swimming pool, jogging trail, recreational area with sand volleyball, tennis and basketball courts and a fishing pier.

September 15, 2015

Berkadia Arranges Financing for Office Property in Metro Houston

by Haisten Willis September 15, 2015

SUGAR LAND, TEXAS — Berkadia has arranged $21.9 million in financing for One Sugar Creek Center/Comerica Bank Building, an office property located in Sugar Land. Corby Chaffin and Steve Comly of Berkadia’s Houston and Philadelphia offices, respectively, secured the fixed-rate loan through an unnamed life insurance company. Chaffin and Comly originated the financing on behalf of the borrower, Equus Investment Partnership IX, a discretionary fund managed by Equus Capital Partners Ltd. Equus’ business plans call for capital improvements and amenity upgrades to the property. The 11-story property spans 193,998 square feet and is situated on 4.5 acres. Amenities include a deli, banking facility, surface parking and an attached four-level parking garage. Built in 1983, the property is 89 percent occupied. One Sugar Creek Center/Comerica Bank Building is located at 1 Sugar Creek Center Blvd. and is 20 miles southwest of downtown Houston. The property offers access to US Highway 59, US Highway 90A and State Highway 6.

September 15, 2015

Loans Multifamily Texas

BMC Capital Provides $1.9M Acquisition Loan for Multifamily Property in Austin

by Haisten Willis September 15, 2015

AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.9 million acquisition loan for a 28-unit multifamily property located in Austin. The loan featured a five-year fixed term, a fixed interest rate of 4.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. BMC Capital is a lender for small-balance multifamily and commercial loans.

September 15, 2015

Retail Texas

Joybird Furniture Opens First Houston Location

by Haisten Willis September 15, 2015

HOUSTON — Joybird Furniture, a mid-century modern furniture company based in Los Angeles, has opened its first retail location at 1735 Westheimer Road in Houston. Mark Davis of Davis Commercial Real Estate represented the landlord, 1735 Westheimer LLC, in the transaction. The 2,000-square-foot space is located between Dunlavy and Woodhead streets across from Empire Cafe.

September 15, 2015

Retail Texas

M&M Arranges Sale of 30,330 SF Retail Property in Houston

by Haisten Willis September 15, 2015

HOUSTON — Marcus & Millichap has arranged the sale of Copperfield Place Shopping Center, a 30,330-square-foot retail property located in Houston. Marcus & Millichap marketed the property on behalf of the seller, a local partnership, and brought the deal to the buyer, a local developer and investor. Copperfield Place Shopping Center is located on Highway 6 North in Houston within the Copperfield master-planned community.

September 15, 2015