Texas

KeyBank Arranges $56.4M Acquisition Loan for Apartment Community in Metro Dallas

by Taylor Williams April 10, 2018

GARLAND, TEXAS — KeyBank Real Estate Capital has arranged a $56.4 million loan for the acquisition of Landmark at Lake Village North, an 848-unit multifamily community located in the Dallas metro of Garland. The property was built in 1983 and comprises 69 two- and three-story apartment buildings. Amenities include a fitness center and on-site laundry facilities. Amber Rao of KeyBank secured the non-recourse, floating-rate loan through an undisclosed life insurance company on behalf of Madera Residential. The loan also includes three years of interest-only payments and $5.4 million in funding for future capital improvements.

April 10, 2018

Villas-on-Bear-Creek-North-Richland-Hills-Texas

Affordable Housing Loans Multifamily Texas

Love Funding Secures $14.4M HUD Refinancing for Affordable Housing Asset in Metro Fort Worth

by Taylor Williams April 10, 2018

NORTH RICHLAND HILLS, TEXAS — Love Funding has secured a $14.4 million loan for the refinancing of Villas on Bear Creek, a 240-unit affordable housing community located in North Richland Hills, a northern suburb of Fort Worth. Built in 2000, the age-restricted property offers one- and two-bedroom units. Amenities include a pool, shuffleboard courts, putting green, business center, billiard room, a library and walking trails. Jonathan Camps of Love Funding secured the loan through HUD’s 223(f) program on behalf of The Wentwood Cos., an Austin-based investment firm

April 10, 2018

Leasing Activity Retail Texas

Dirt Cheap to Open 27,941 SF Store in Metro Fort Worth

by Taylor Williams April 10, 2018

NORTH RICHLAND HILLS, TEXAS — Secondhand retailer Dirt Cheap has opened a 27,941-square-foot store at Rufe Snow Village, a 100,000-square-foot retail center in North Richland Hills, a northern suburb of Fort Worth. Beginning in May, Dirt Cheap will occupy an anchor space at the center, which is now 78 percent leased. Taylor Marks and Taylor Stinnett internally represented the landlord, Woodcrest Capital, in the lease negotiations.

April 10, 2018

Pharr-Reynosa-International-Bridge-Pharr-Texas

Development Industrial Texas

Private Developer Begins Work on 330,000 SF Industrial Park in Pharr, Texas

by Taylor Williams April 9, 2018

PHARR, TEXAS — Private developer and investor Carlos Canales has begun work on Pharr Bridge Business Park, a 330,000-square-foot warehousing development located near the Pharr-Reynosa International Bridge in the Rio Grande Valley (RGV) metro of Pharr. The property will include three 100,000-square-foot facilities and one 30,000-square-foot facility, all of which will be designed as build-to-suits for firms specializing in storage of dry and frozen goods, according to local newspaper Rio Grande Guardian. Local media sources also report that the project is expected to create about 130 new jobs, and that Canales has provided about $25 million in development financing while the Pharr Economic Development Corp. has provided about $1.3 million.

April 9, 2018

Acquisitions Multifamily Retail Texas

Dell Affiliate Acquires Retail, Multifamily Share of Knox District in Dallas

by Taylor Williams April 9, 2018

DALLAS — MSD Capital LP, a private investment firm that manages the capital of computer magnate Michael Dell and his family, has acquired shares of the Knox District, a mixed-use development located in the Oak Lawn area of Dallas. The acquisition totals approximately 11 acres, including 170,000 square feet of retail space and 165 multifamily units. Current retail tenants include Crate & Barrel, Trader Joe’s and Pottery Barn. Other terms of sale were not disclosed, but The Dallas Morning News reports that the acquired properties are valued as high as $250 million.

April 9, 2018

Acquisitions Multifamily Seniors Housing Texas

Chicago Pacific Acquires 159-Unit Seniors Housing Community in Beaumont

by Taylor Williams April 9, 2018

BEAUMONT, TEXAS — Chicago Pacific Founders (CPF) has acquired Collier Park Senior Living, a 159-unit seniors housing community in Beaumont. The property is located near downtown Beaumont’s shopping, dining and medical offerings. Collier Park’s amenities include a pool, game room, fitness center, library, courtyards with walking paths and a beauty salon. CPF acquired the property from an undisclosed seller through its operating subsidiaries, CPF Living Communities and Grace Management Inc.

April 9, 2018

Healthcare Leasing Activity Texas

United General Hospital Signs 44,569 SF Lease at Texas Medical Center in Houston

by Taylor Williams April 9, 2018

HOUSTON — United General Hospital has signed a 44,569-square-foot medical office lease within the Texas Medical Center in Houston. The healthcare provider will operate out of 7501 Fannin, a 195,000-square-foot, Class A building that was completed in 2004. Zach Leger, Jacob Aldridge and Rani Jones of NAI Partners represented the landlord, Cambridge Properties, in the lease negotiations. David Greenberg of Greenberg & Co. represented United General Hospital.

April 9, 2018

Leasing Activity Restaurant Retail Texas

Pinstripes Opens 30,000 SF Bowling Alley, Restaurant in Fort Worth

by Taylor Williams April 9, 2018

FORT WORTH, TEXAS — Pinstripes, a Chicago-based food and entertainment concept, will open a 30,000-square-foot, two-story bowling alley and restaurant in Fort Worth. Located within The Shops at Clearfork on the city’s southwestern side, the venue will feature 12 bowling lanes, six bocce ball courts and private event space. Larry Leon of Venture Commercial represented Pinstripes in the lease negotiations. This location will be the company’s ninth in the country and first in Texas.

April 9, 2018

Loans Mixed-Use Texas Top Stories

Berkadia Arranges $198.3M Refinancing for Office Component of Mixed-Use Asset in Brooklyn

by Taylor Williams April 9, 2018

NEW YORK CITY — Berkadia has arranged a $198.3 million loan for the office component of Brooklyn Renaissance Plaza, a 1.4 million-square-foot, mixed-use property in Brooklyn. The deal restructures existing debt on the property’s 465,000-square-foot office condominium space. This section of Brooklyn Renaissance Plaza is fully leased to the Kings County District Attorney (KCDA). That lease has 10.5 years left on it. The borrower is a joint venture between New York-based Muss Development Corp. and San Diego-based HomeFed Corp. The loan features a 21.5-year term and a 4.47 percent interest rate. Mark Vogel and Dan Geuther of Berkadia secured the funds through CGA Capital Corp., a Maryland-based private lending and investment firm. “In seeking to obtain a loan duration of over 20 years, we were presented with two significant challenges,” says Vogel. “The ground-lease payment will reset to unknown market rates in 2021 and 2031, and the KCDA lease expires in 2028.” “Working with CGA, we were able to craft a custom credit solution that enabled us to underwrite through these significant risk events and accomplish the client’s objective of long-term fixed-rate financing,” he added. Brooklyn Renaissance Plaza is located at 345 Adams St. In addition to the office condo, the …

April 9, 2018

Enterprise-Industrial-Park-Schertz-Texas

Acquisitions Industrial Texas

Colony Industrial Acquires 639,797 SF Industrial Park in Metro San Antonio

by Taylor Williams April 6, 2018

SCHERTZ, TEXAS — Colony Industrial, a division of Los Angeles-based REIT Colony Northstar, has acquired Enterprise Industrial Park, a 639,797-square-foot property located at 17745 Lookout Road in Schertz, a northeastern suburb of San Antonio. Developed by Atlanta-based Robinson Weeks Partners, the two-building complex was 88 percent leased at the time of sale to nine tenants with a weighted average of 5.3 years remaining on their leases. Space is available at Building II, which features a cross-dock configuration with 32-foot clear heights, 73 trailer spaces, an ESFR sprinkler system and an office finish. Randy Baird, Jonathan Bryan and Ryan Thornton of CBRE brokered the sale. The Dallas Business Journal reports that the sale price was $52.1 million.

April 6, 2018

Newer Posts

Older Posts