Texas

Meridian Capital Arranges $40M Refinancing of Apartment Community in Corpus Christi

by Taylor Williams May 11, 2018

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.

May 11, 2018

Acquisitions Multifamily Texas

RAM Investments Sells 144-Unit Apartment Community in Andrews, Texas

by Taylor Williams May 11, 2018

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.

May 11, 2018

Loans Multifamily Student Housing Texas

Madison Realty Capital Provides $6.5M Acquisition Loan for Student Housing Asset in Beaumont

by Taylor Williams May 11, 2018

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.

May 11, 2018

Market Reports Office Texas Texas Market Reports

Texas Office Markets: Who’s Hot, Who’s Not

by Taylor Williams May 11, 2018

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 …

May 11, 2018

Development Mixed-Use Texas

Howard Hughes Corp. to Develop 270-Acre Mixed-Use Destination in Metro Dallas

by Taylor Williams May 10, 2018

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.

May 10, 2018

Development Hospitality Texas

Sam Moon Group Breaks Ground on 303-Room Hyatt-Branded Hotel in Frisco

by Taylor Williams May 10, 2018

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.

May 10, 2018

Loans Office Texas

Money360 Closes $15.6M Bridge Loan for Houston Office Property

by Taylor Williams May 10, 2018

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.

May 10, 2018

The-Shops-at-Spring-Village-Spring-Texas

Loans Retail Texas

JLL Arranges $7.1M Refinancing of New Retail Center in Metro Houston

by Taylor Williams May 10, 2018

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.

May 10, 2018

Acquisitions Industrial Texas

ABC Supply Sells 46,651 SF Industrial Building in Fort Worth

by Taylor Williams May 10, 2018

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.

May 10, 2018

Acquisitions Multifamily Texas

Kairoi Residential Acquires 1,210-Unit Multifamily Portfolio in San Antonio Area

by Taylor Williams May 9, 2018

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.

May 9, 2018

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