AUSTIN, TEXAS — Los Angeles-based CIM Group has funded a $90 million loan for the refinancing of the 367-room Downright Austin hotel, located at 701 E. 11th St. in the state capital’s downtown area. The 16-story hotel, which was recently renovated, is operated under the Renaissance by Marriott brand and offers amenities such as a fitness center, outdoor pool, café, multiple onsite food-and-beverage options and approximately 30,000 square feet indoor/outdoor meeting and event space. Suites are also available as part of the accommodations package. The borrower is Brookfield Asset Management.
KATY, TEXAS — Northmarq has provided a $25.2 million Freddie Mac loan for the refinancing of Waterstone at Cinco Ranch, an apartment complex located in the western Houston suburb of Katy. According to Apartments.com, the property was built in 2013 and totals 206 units. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, outdoor grilling and dining stations, game room and a car care center. Greg Duvall led the Northmarq team that originated the seven-year, fixed-rate loan. The borrower was not disclosed.
ALLEN, TEXAS — JLL has arranged an undisclosed amount of construction financing for The Monarch, a 325-unit multifamily project in the northeastern Dallas suburb of Allen. The Monarch will be situated on 4.7 acres and will offer one-, two- and three-bedroom units with an average size of 931 square feet. Amenities will include a pool, fitness center and outdoor grilling and dining stations. John Brownlee, Bo Beidleman, Chad Lisbeth and Jordan Buck of JLL arranged the four-year, floating-rate loan through Kennedy Wilson on behalf of the developer, Zale Properties. Completion is slated for the first quarter of 2027.
GRAPEVINE, TEXAS — Locally based brokerage firm The Woodmont Co. has negotiated the sale of Grapevine Centre, an 85,421-square-foot retail property located in the northern-central part of the metroplex. The center was fully leased at the time of sale to tenants such as Petco, Harbor Freight Tools, Joann Fabrics, Dollar Tree and Angel’s Attic. Russel Wehsener and Bryan Dyer of Woodmont represented the seller in the transaction. Roger Smeltzer of Vision Commercial represented the undisclosed buyer.
GARLAND, TEXAS — Illinois-based Industrial Outdoor Ventures (IOV) has purchased a 3.6-acre industrial outdoor storage (IOS) facility in Garland, a northeastern suburb of Dallas. The property at 2210 Hightower Drive houses an 18,564-square-foot building with 20-foot clear heights and six drive-in doors. Caleb McCoy and Paul Davis of JLL represented the undisclosed seller in the transaction and are marketing the facility for lease.
GREENWICH, N.J. — New Jersey-based Faropoint will develop a 73,800-square-foot industrial project in Greenwich, located on the Delaware Bay in Southern New Jersey. The site spans 9.2 acres along Swedesboro Road, and the facility will feature a clear height of 32 feet, two drive-in doors and an ESFR sprinkler system. Wendy Banscher of Fox & Roach represented the undisclosed sellers in the land deal, while Faropoint was self-represented. A construction timeline was not disclosed.
NEW YORK CITY — Marcus & Millichap has negotiated the $5.6 million sale of two apartment buildings totaling six units in the Carroll Gardens area of Brooklyn. The buildings at 431-433 Court St. were originally built in 1920 and house two-bedroom units, as well as a ground-floor retail space occupied by Citizens Bank. Matt Fotis of Marcus & Millichap represented the seller in the transaction and procured the buyer, both of which were local private investors that requested anonymity.
WASHINGTON, D.C. — BXP, a publicly traded office REIT that was previously known as Boston Properties Inc., has closed on its purchase of 725 12th Street, a 12-story office building in Washington, D.C.’s East End. The Boston-based firm acquired the 300,000-square-foot property for $34 million. The seller was not disclosed. BXP plans to demolish the office building and redevelop the site to make way for a new 320,000-square-foot, Class A office property. The REIT recently signed law firm McDermott Will & Emery to occupy approximately 150,000 square feet across the top five levels of the new office development. Lou Christopher, Jordan Brainard, Rob Copito and Clay Hammerstein of CBRE represented McDermott Will & Emery in the lease negotiations. Evan Behr of JLL represented the landlord. BXP expects to deliver the new office building in late 2028.
OXFORD, PA. — NAI Emory Hill has brokered the $3.4 million sale of a 15,600-square-foot retail strip center in Oxford, about 60 miles southeast of Philadelphia. Walgreens anchors the center, which was fully leased at the time of sale. Other tenants include sandwich shop Bigfoot’s Express, Domino’s Pizza and Vape2Go. Rich Dudek of NAI Emory Hill brokered the deal. The buyer and seller were not disclosed.
SCOTCH PLAINS, N.J. — Locally based REDCOM Design & Construction has broken ground on Front Street Housing, a 42-unit affordable housing project in Scotch Plains, about 20 miles west of New York City. K&M Facility Management is developing the three-story building. Information on specific income restrictions, floor plans and amenities was not disclosed. Completion is slated for summer 2026.