EDMOND, OKLA. AND CANYON, TEXAS — New York-based Harborview Capital has closed agency financing for two multifamily properties in Texas and Oklahoma. The company arranged a $4.9 million Freddie Mac loan for the refinancing of a 98-unit community in Edmond, a northern suburb of Oklahoma City, and a roughly $1 million Fannie Mae loan for the refinancing of a 23-unit community in the West Texas city of Canyon. Jeffrey Fuchs of Harborview arranged the non-recourse loans, which feature fixed interest rates and 30-year amortization schedules. The names of the properties and borrowers were not disclosed.
CORPUS CHRISTI, TEXAS — Cravey Real Estate Services Inc. has brokered the sale of a 6,372-square-foot flex property located at 229 S. Padre Island Drive in Corpus Christi. Built in 1991, the property is zoned for light industrial uses and consists of 5,272 square feet of office space and 1,100 square feet of warehouse space. Matt Cravey of Cravey Real Estate Services represented the seller, Charan Investments Ltd. Scott Fauver, also with Cravey Real Estate Services, represented the buyer, Koetter Fire Protection, a Dallas-based provider of fire protection systems.
FORT WORTH, TEXAS — Arlington-based healthcare provider Texas Health Resources will undertake a $300 million expansion project at Texas Health Harris Methodist Hospital Fort Worth. The project will include a nine-story tower that will feature 144 patient beds, 15 surgical suites and pre- and post-operative service areas. The tower will also include space for support services and two floors will be used as shell space for future expansion. Additional parking space will also be added to the hospital, which opened in 1930 and currently features 720 beds. Construction is slated to begin later this year and wrap up in late 2021.
COLLEGE STATION, TEXAS — A subsidiary of Preferred Apartment Communities Inc. (PAC), a publicly traded multifamily investment firm, has acquired The Tradition, an 808-bed student housing property in College Station. The 427-unit community is located one block away from Texas A&M University and features amenities such as a pool, outdoor grilling areas, 24-hour fitness center, computer stations, Starbucks Coffee bar, theater room and a game room. PAC financed the acquisition with a $30 million first mortgage bridge loan from Macquarie Group, an Australian investment banking firm. The seller was not disclosed.
CORPUS CHRISTI, TEXAS — New York-based Meridian Capital Group has arranged a $40 million loan for the refinancing of The Retreat by Watermark, a 324-unit apartment community in Corpus Christi. The property consists of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, movie room, game room and a pet park. Peter Martz, Akiva Friend and Israel Schubert of Meridian Capital arranged the 10-year, non-recourse loan, which features an 80 percent loan-to-value (LTV) ratio and a fixed interest rate, on behalf of Watermark Residential, an Indiana-based multifamily developer.
ANDREWS, TEXAS — Austin-based development firm RAM Investments has sold Greenmark at Andrews, a 144-unit multifamily community located in the West Texas city of Andrews. Built in 2014, the property consists of one-, two- and three-bedroom units ranging in size from 654 to 1,146 square feet. Amenities include a pool, clubhouse, business center and a theater room. Ryan McBride, Sean Sorrell and Steven Hahn Jr. of HFF represented RAM Investments in the transaction, the buyer of which was not disclosed. Greenmark at Andrews was 100 percent occupied at the time of sale.
BEAUMONT, TEXAS — Madison Realty Capital, a New York-based private equity firm, has closed a $6.5 million loan for the acquisition of a non-performing first mortgage note secured by The Edge, 96-unit student housing complex located at 5230 S. Martin Luther King Parkway in Beaumont. The five-building property serves Lamar University and includes amenities such as a pool, fitness center, tanning salon, volleyball court, business center and a coffee bar. The borrower was not disclosed.
From Dallas-Fort Worth’s (DFW) explosive rate of corporate relocations and expansions to Houston’s reliance on oil prices to Austin’s strong supply of tech talent, there’s very little common ground among the office sectors of Texas’ biggest cities. And whereas the pace of sales, development and absorption for certain property types — industrial, multifamily, self-storage — are strong across DFW, Houston, Austin and San Antonio, it’s the office sectors of these metros that truly capture their differences. The office markets of the Lone Star State’s four major metros each have a different story to tell — a narrative that speaks to their core demand drivers, as well as their projected performances for the rest of the year. In this piece, we take a closer look at the crucial factors underlying each of the Big Four’s office markets. DFW: Slowing But Stable The DFW office market isn’t as hot as its multifamily or industrial sectors, which are seeing record volumes of new construction and absorption, respectively. But the metro’s ability to create 100,000-plus jobs per year ensures that its strong office fundamentals can be maintained. The metro posted year-over-year rent growth of 2.2 percent, according to CoStar Group, right on par with …
ALLEN, TEXAS — The Howard Hughes Corp. will develop Monarch City, a mixed-use destination that will be located at the corner of North Central Expressway and the Sam Rayburn Tollway in Allen, a northern suburb of Dallas. According to the Allen Economic Development Corp., Monarch City will span roughly 270 acres. The project will feature approximately 9 million square feet of retail, hospitality, urban residential and Class A office space surrounding a central park. Omniplan is designing the project and JLL is marketing and leasing it. Zoning is expected to begin this year.
FRISCO, TEXAS — Dallas-based hospitality developer Sam Moon Group has broken ground on The Hyatt Regency Stonebriar, a 303-room hotel in the northern Dallas metro of Frisco. The 18-story property will be attached to the Stonebriar Centre mall, which owner GGP is currently redeveloping. The new hotel will include a 54,585-square-foot conference room, an 800-space parking garage and a 3,000-square-foot library that will connect to the mall. Architecture firm HKS Inc. is designing the hotel and Brasfield & Gorrie is serving as general contractor. Completion is scheduled for the first quarter of 2020.