Texas

Tradition Breaks Ground on 23-Story Seniors Housing Property in Houston

by Taylor Williams July 16, 2018

HOUSTON — Tradition Senior Living has broken ground on The Tradition-Woodway, a 23-story seniors housing property that will be located in the Tanglewood area of Houston. The community will feature 222 independent living residences and 92 assisted living/memory care units. Amenities will include lounges and card rooms, a movie theater, indoor golf simulator, indoor pool, fitness center, dog park and a putting green. Jackson & Ryan Architects is handling design of the project and D.E. Harvey Builders is serving as general contractor. The opening is scheduled for April 2020.

July 16, 2018

Development Multifamily Texas

Fein to Develop 304-Unit Apartment Community in Houston’s Post Oak Submarket

by Taylor Williams July 16, 2018

HOUSTON — Fein, a Houston-based multifamily development firm, has acquired 3.3 acres for the development of Reverie at River Hollow, a 304-unit apartment community that will be located in the Post Oak area of Houston. Designed by Steinberg Dickey Collaborative, the property will feature one-, two- and three-bedroom units ranging in size from 558 to 1,966 square feet. Amenities will include a pool, rooftop clubhouse, fitness center, pet spa and a bike shop. The groundbreaking is slated for August and completion is scheduled for the fourth quarter of 2020. Simmi Jaggi and Elizabeth Clampitt of JLL represented the seller in the land sale. Chris Bergmann, also of JLL, represented Fein in that transaction.

July 16, 2018

Development Industrial Texas

E.E. Reed Completes 130,000 SF Distribution Center in Metro Houston

by Taylor Williams July 16, 2018

MONT BELVIEU, TEXAS — E.E. Reed Construction has completed a 130,000-square-foot distribution center for Wismer Distributing, which specializes in the delivery of alcoholic beverages, in Mont Belvieu, about 30 miles east of Houston. The property consists of 100,000 square feet of warehouse/distribution space and 30,000 square feet of office space. E.E. Reed worked in conjunction with Houston-based Tramonte + Johnson on the design/build project.

July 16, 2018

Loans Multifamily Texas

NorthMarq Arranges $11.4M in Acquisition Financing for Lubbock Apartments

by Taylor Williams July 16, 2018

LUBBOCK, TEXAS — NorthMarq Capital has arranged $11.4 million in acquisition financing for Metropolitan Apartments, a 236-unit multifamily community in Lubbock. The property is located at 6402 Albany Ave. near South Plains Mall, about six miles from Texas Tech University. Carl Pankratz of NorthMarq Capital arranged the financing on behalf of the borrower, EBG Acquisitions, a Plano-based multifamily investment firm. The transaction was structured with a bridge loan.

July 16, 2018

Acquisitions Industrial Texas

Silicon Valley Investment Firm Acquires 460,000 SF Industrial Portfolio in Houston

by Taylor Williams July 16, 2018

HOUSTON — Wilson Investment Properties, a Silicon Valley-based investment firm, has acquired a portfolio of 19 industrial properties totaling approximately 460,000 square feet in northwest Houston. The properties are situated within six different industrial parks and are leased to a total of 103 tenants, including users in the manufacturing and fabrication services. The seller was not disclosed.

July 16, 2018

Civic Leasing Activity Texas

Houston Astros Extend Lease at Minute Maid Park Through 2050

by Taylor Williams July 13, 2018

HOUSTON — The Houston Astros have extended their lease at Minute Maid Park, where the professional baseball team has played since 2000, through 2050 following a positive vote by the Houston Sports Authority. The stadium, formerly known as Enron Field, was built in the late 1990s and seats about 41,000 people. The original lease was set to expire in 2030. The terms of the extension call for a $1 million increase in rent beginning this year and running through the remainder of the original lease period, and an additional $1 million increase for the 20-year period ending in 2050. The Astros beat the Los Angeles Dodgers in seven games to win the 2017 World Series.

July 13, 2018

Loans Multifamily Oklahoma Texas

MCA Closes $33.7M Bridge Loan for Oklahoma City Apartment Community

by Taylor Williams July 13, 2018

OKLAHOMA CITY — Metropolitan Capital Advisors Ltd. (MCA) has closed a $33.7 million floating-rate bridge loan for J Marshall Square, a 280-unit multifamily community in Oklahoma City. The sponsor, local developer Gardner Tanenbaum Holdings, will use the proceeds to retire existing construction debt. The bridge structure will also help the borrrower facilitate the lease-up and stabilization of the property. Sunny Sajnani and Todd McNeill of MCA arranged the loan through Centennial Bank.

July 13, 2018

Loans Multifamily Seniors Housing Texas

Berkadia Provides $24M HUD Construction Loan for Seniors Housing Project in San Antonio

by Taylor Williams July 13, 2018

SAN ANTONIO — Berkadia has provided a $24 million construction loan for Brookwood Senior Apartments, a 197-unit community being developed in northwest San Antonio. Chad Bedwell, Franklin Brown and Lloyd Griffin of Berkadia secured the loan, which has a 4 percent fixed interest rate and a 40-year amortization schedule, through HUD’s 221(d)(4) program. The property will feature one- and two-bedroom units and amenities such as a pool, fitness center and a business center.

July 13, 2018

Development Industrial Texas

United Equities to Develop 83,500 SF Industrial Project in Houston

by Taylor Williams July 13, 2018

HOUSTON — Full-service real estate firm United Equities Inc. will develop a two-building, 83,500-square-foot industrial project in Houston. Built on a speculative basis, the project will be situated on a seven-acre tract within the 115-acre Satsuma Station Industrial Park in northwest Houston. Travis Land of NAI Partners represented United Equities in its acquisition of the land from an affiliate of Pinpoint Commercial, which developed the park.

July 13, 2018

Acquisitions Healthcare Texas

Carter Validus Purchases Healthcare Asset in Metro Houston for $15.3M

by Taylor Williams July 13, 2018

KATY, TEXAS — Tampa-based investment firm Carter Validus Mission Critical REIT has purchased Oceans Behavioral Hospital of Katy, a 34,296-square-foot healthcare property located in the western Houston metro of Katy. The single-tenant hospital was built in 2015 and offers 69 surface parking spaces. The tenant, which provides mental health education, group therapy and medication management services, currently has about 12 years remaining on the lease.

July 13, 2018

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