Texas

Berkeley Point Provides $47.2M Construction Loan for Dallas Area Apartments

by Taylor Williams May 29, 2018

LEWISVILLE, TEXAS — Berkeley Point Capital, a multifamily finance firm with 11 offices throughout the country, has provided a $47.2 million loan for the construction of Tower Bay Lofts, a 308-unit apartment project being developed in the northern Dallas metro of Lewisville. The loan features a fixed 3.78 percent interest rate and a 40-year, fully amortized permanent term. Tom White of Berkeley Point secured the financing through the FHA’s 221(d)(4) program on behalf of the developer, Wittington Holdings. The project team broke ground in mid-April and expects to deliver the building in about 24 months.

May 29, 2018

Development Hospitality Texas

Arch-Con Tops Out 16-Story Hotel Near Texas Medical Center in Houston

by Taylor Williams May 29, 2018

HOUSTON — Arch-Con Construction, a general contractor with offices in Houston and Dallas, has topped out Residence Inn Medical Center, a 16-story hotel in Houston. Located near the Texas Medical Center and NRG Stadium on the city’s south side, the hotel will total 182 rooms upon completion, which is slated for February 2019. Amenities will include an indoor pool, fitness center and four conference/meeting rooms on the second floor. Moody National Cos. is the project developer, and Mitchell Carlson Stone Inc. is the architect.

May 29, 2018

Civic Development Texas

McCarthy Completes Phase I Expansion of Houston’s Museum of Fine Arts

by Taylor Williams May 29, 2018

HOUSTON — McCarthy Cos. has completed Phase I of an expansion project for the Museum of Fine Arts in Houston. The project revamped the Glassell School of Art, essentially doubling its size to 40,000 square feet and enabling the school to now serve more than 7,000 students per year. The school links to two gallery buildings and a sculpture garden as part of the redevelopment of a 14-acre portion of the campus. McCarthy self-performed certain aspects of construction, including the casting of 177 unique concrete panels.

May 29, 2018

Leasing Activity Office Texas

Brewery, Distilling Architecture Firm to Open Dallas Office in June

by Taylor Williams May 29, 2018

DALLAS — Method Architecture, a Houston-based architecture and interior design firm that specializes in breweries and distilleries, will open an office in Dallas in June. The company, which has designed more than 25 breweries across the state, acquired an Austin-based firm in late 2017, making the new Dallas office its third in Texas. Method’s Dallas office will be located at 1919 McKinney Ave. near Klyde Warren Park in the downtown area.

May 29, 2018

Leasing Activity Office Texas

Elevate Credit Doubles Office Footprint at Spectrum Center in Metro Dallas

by Taylor Williams May 29, 2018

ADDISON, TEXAS — Elevate Credit, a publicly traded provider of online credit solutions, has doubled the size of its office lease at Spectrum Center, a 614,000-square-foot office complex located in the northern Dallas metro of Addison. The company is expanding its footprint from 26,000 to 52,000 square feet. Cribb Altman and Mike Wyatt of Cushman & Wakefield represented Elevate Credit in the lease negotiations. The expansion will allow the company to grow its staff count from about 130 employees to 300.

May 29, 2018

Acquisitions Industrial Texas

Cimarex Energy to Sell Oil, Gas Properties in Ward County, Texas for $570M

by Taylor Williams May 25, 2018

WARD COUNTY, TEXAS — Cimarex Energy Co., a Denver-based oil and gas exploration firm, has entered into an agreement to sell an undisclosed amount of oil and gas properties and undeveloped acreage in Ward County, a region in West Texas near Midland and Odessa. The properties, which are collectively capable of producing 6,831 barrels of oil equivalent per day, will be sold for $570 million in cash to Callon Petroleum, a Mississippi-based oil and gas firm. The transaction is expected to close during the third quarter.

May 25, 2018

Development Multifamily Texas

JMJ Development to Build 272-Unit Apartment Community in Metro Dallas

by Taylor Williams May 25, 2018

FORNEY, TEXAS — Dallas-based JMJ Development will build Parc at Windmill Farms Apartments, a 272-unit community that will be located in Forney, an eastern suburb of Dallas. The 17-building community will consist of 116 one-bedroom units, 120 two-bedroom apartments and 36 three-bedroom residences. Amenities will include a pool, clubhouse, business center, internet café, fitness center and a gathering room with a kitchen. A timetable for construction has not yet been established.

May 25, 2018

Loans Office Texas

Meridian Arranges $7.5M Acquisition Loan for Office Building in Houston’s Westchase District

by Taylor Williams May 25, 2018

HOUSTON — New York-based Meridian Capital Group has arranged a $7.5 million loan for the acquisition of 5800 North Course, a 75,000-square-foot office building located in the Westchase area of Houston. The property includes 2,500 square feet of food service space and roughly 600 parking spaces. The building has been fully leased to financial services firm Alltran since it was constructed in 2001. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the loan on behalf of Windmill Investments, a firm specializing in value-add projects.

May 25, 2018

Loans Multifamily Texas

Dougherty Provides $3.9M Fannie Mae Green Loan for Apartment Complex in Fort Worth

by Taylor Williams May 25, 2018

FORT WORTH, TEXAS — Dougherty Mortgage LLC has provided a $3.9 million Fannie Mae loan for the acquisition of Willow Manor Apartments, a 71-unit multifamily community in Fort Worth. Built in 1965, the property includes studio, one-, two- and three-bedroom units and amenities such as a pool and on-site laundry facilities. The 12-year loan, which utilized the Fannie Mae Green Rewards program and has a 30-year amortization schedule, was arranged on behalf of Colosseus Property Group III LLC.

May 25, 2018

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 17,266 SF Retail Center in Metro Houston

by Taylor Williams May 25, 2018

KINGWOOD, TEXAS — Marcus & Millichap has brokered the sale of Rustic Woods Center, a 17,266-square-foot retail center in Kingwood, a master-planned community on the northern outskirts of Houston. Nate Newman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Gus Lagos, also with Marcus & Millichap, represented the buyer, a private investor.

May 25, 2018

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