CLUTE, TEXAS — Arbor Realty Trust Inc., a New York-based direct lender, has provided a $20.8 million bridge loan for a 520-unit multifamily property in Clute, about 60 miles south of Houston. The property offers one- and two-bedroom units and amenities such as a fitness center, on-site laundry facilities and three swimming pools. Joseph Charneski of Arbor Realty Trust originated the loan, which features a two-year adjustable term.
GRAPEVINE, TEXAS — Stream Realty Partners has negotiated a 66,052-square-foot industrial lease at International Airport Center, a 356,530-square-foot distribution warehouse located in the Dallas metro of Grapevine. Built in 2001, the building is situated adjacent to Dallas-Fort Worth (DFW) International Airport. Ryan Boozer of Stream Realty represented the tenant, Hanes Industries, in the lease negotiations. Steve Koldyke of CBRE represented the landlord, International Airport Center Inc.
HOUSTON — Trammell Crow Co. has broken ground on Phase II of Fallbrook Pines Business Park, a 127-acre industrial development located in northwest Houston. Phase II, which is being developed on a speculative basis, will deliver two Class A buildings totaling 660,073 square feet. Designed by Powers Brown Architecture, the buildings will feature cross-dock configurations, 32-foot clear heights, 52-foot wide column spacing, ESFR sprinkler systems and extra trailer parking and outside storage space. Delivery is slated for November. Phase I of the project, which delivered roughly 709,000 square feet, was completed in October 2015 and is fully leased to seven tenants.
DALLAS — Taconic Capital Advisors LP, an investment firm with offices in New York, London and Hong Kong, has acquired International Plaza I and II, a two-building office campus totaling 757,000 square feet in Dallas. Designed by HKS Inc., the Class A buildings were developed in 1999 and 2002, respectively, and until recently were leased to JPMorgan Chase and Fannie Mae. Both companies have relocated to Plano. Taconic will make capital upgrades to the campus, including new amenities. Other terms of sale were not released. The third building at International Plaza is under separate ownership and was not part of this transaction. Cushman & Wakefield will handle leasing and management of the property.
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.
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
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.
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.
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.
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.