HOUSTON — California-based direct lender Money360 has closed a $15.6 million bridge loan for an undisclosed office property in Houston. The three-year recourse loan features a 74 percent loan-to-value (LTV) ratio. Proceeds from the loan will be used to pay off existing debt, complete construction, conduct tenant improvements and market the property, which was impacted by Hurricane Harvey.
SPRING, TEXAS — JLL has arranged an approximately $7.1 million loan for the refinancing of The Shops at Spring Village, a fully leased retail center in Spring, a northern suburb of Houston. Built in 2017, the property houses tenants such as AT&T, Sports Clips, Dominos and Dunkin’ Donuts. Jimmy Board and Connor Harrell of JLL arranged the non-recourse loan, fixed-rate loan on behalf of Houston-based Capital Retail Properties. Goldman Sachs provided the loan.
FORT WORTH, TEXAS — American Builders & Contractors Supply Co. Inc. (ABC Supply) has sold a 46,651-square-foot industrial building located at 8144 West Freeway in the White Settlement area on Fort Worth’s west side. The single-tenant building was constructed in 1982. Jeff Givens and Todd Hawpe of Transwestern represented the buyer, NA Realty Investments, in the transaction. Mark Collins and Shannon Johnston of Cushman & Wakefield represented ABC Supply.
SAN ANTONIO — Kairoi Residential, a San Antonio-based multifamily development and management firm, has acquired a portfolio of four multifamily properties totaling 1,210 units in the greater San Antonio area. Three of the communities are located near the South Texas Medical Center and USAA’s headquarters on the city’s northwest side. The fourth community is located adjacent to Lackland Air Force Base on the city’s southwest side. Kairoi plans to implement capital improvements at all four properties. The seller and property names were not disclosed.
SUGAR LAND, TEXAS — HFF has arranged the sale of Three Sugar Creek, a 154,263-square-foot office property in Sugar Land, a southwestern suburb of Houston. Built in 2008, the Class A property features floor-to-ceiling glass with 10.5-foot and 9.5-foot finished ceiling heights throughout. Three Sugar Creek was 95 percent leased at the time of sale. Dan Miller and Marty Hogan of HFF represented the buyer, WEDGE Properties Management LLC, in the transaction. Tom Radom of HFF represented the seller, Houston-based investment firm Radler Enterprises Inc.
TROPHY CLUB, TEXAS — Cincinnati-based development firm North American Properties (NAP) will develop The Byron at Trophy Club, a 250-unit luxury multifamily complex in Trophy Club, a northern suburb of Fort Worth. The property will feature a 420-space parking garage, resort-style pool and a two-story fitness center. Chicago-based private equity firm Pearlmark originated a $12.2 million mezzanine loan for the development through its mezzanine investment fund, which closed in March. A timeline for construction has not yet been established.
HOUSTON — Hotel Development Services (HDS) has broken ground on a 144-room Courtyard by Marriott hotel in Houston. The property is being developed within Generation Park, a 4,000-acre master-planned community on the city’s northwest side. The five-story hotel will feature more than 2,000 square feet of meeting space, a 24-hour market, outdoor pool, fitness center, business center, bistro and a Starbucks Coffee. American Hospitality Management will manage the property upon completion in 2019.
SAN ANTONIO — Irvine, Calif.-based Faris Lee Investments has brokered the approximately $5.6 million sale of a 96,000-square-foot industrial asset in San Antonio. The property is situated on five acres at 1949 Hormel Drive near the downtown area and is 100 percent leased to a single tenant: waste management firm Republic Services Inc. Scott DeYoung of Faris Lee represented the buyer, a San Francisco-based private investor, in the transaction. Preserve West Capital represented the seller, an undisclosed institutional owner.
DALLAS — Nashville-based multifamily developer Southern Land Co. has broken ground on Novē at Knox, a 19-story apartment tower located in the Knox-Henderson neighborhood of Dallas. Designed by GDA Architects, the building will consist of 41 studio units, 159 one-bedroom apartments and 90 two-bedroom residences. There will also be 16 penthouse units on the top floors. Amenities will include a dog park, outdoor grilling area, pool with cabanas, fitness center, residents’ lounge and concierge services. The property is scheduled to open in early 2020 and preleasing will begin in 2019.
GRAND PRAIRIE, TEXAS — Stream Realty Partners has begun work on Parkway Logistics Center, a 271,794-square-foot industrial development in Grand Prairie, a western suburb of Dallas. Built on a speculative basis, the Class A space will be divisible into 50,000-square-foot blocks and will feature 44 dock-high bays as well as dedicated parking for 69 trailers and more than 100 vehicles. Stream Realty acquired the site in February through a joint venture with LaSalle Investment Management, a subsidiary of JLL. Completion is scheduled for later in the year.