Texas

LMI Capital Arranges Three Loans Totaling $24M in Greater Houston Area

by Amy Works December 12, 2016

HOUSTON AND BRAZORIA COUNTY, TEXAS — LMI Capital has placed financing for the acquisition and refinance of three separate garden-style apartment complexes in the Greater Houston area. In the first loan, Brandon Brown of LMI Capital procured $1.4 million in financing for the acquisition of a 50-unit apartment complex located in Brazoria County. The 20-year loan features one year of interest-only payments and a flexible prepayment structure. With this acquisition, the undisclosed borrower now owns 10 properties. In the second loan, Jamie Mullin of LMI Capital placed a $13 million, seven-year, floating-rate loan for a 260-unit multifamily property in southeast Houston. The refinancing provides cash out proceeds to the undisclosed borrower and features two years of interest-only payments. The borrower plans to use excess proceeds to return capital and fund future acquisitions. In the final loan, Brown also arranged a $9.6 million, 10-year fixed-rate loan for a 210-unit property in Houston’s Spring Branch submarket. The loan features five years of interest-only payments and minimal closing costs. The name of the borrower was not released.

December 12, 2016

Healthcare Office Texas

Capital One Closes $21.2M Acquisition Loan for Medical Office Building in Metro Houston

by Amy Works December 12, 2016

SUGAR LAND, TEXAS — Capital One has provided a $21.2 million first mortgage to a joint venture between Harrison Street Real Estate Partners and Pisula Development Co. for the acquisition of Imperial Medical Center in Sugar Land, a suburb of Houston. The property features 128,000 square feet of medical office space.

December 12, 2016

Hospitality Texas

HFF Arranges Sale of Independent Hotel in Central Dallas

by Amy Works December 12, 2016

DALLAS — HFF has brokered the sale of Magnolia Dallas Park Cities, a full-service independent hotel located at 6070 N. Central Expressway in central Dallas. Trigate Capital sold the 292-room hotel to 6070 NCX LLC for an undisclosed price. The new owner has retained Stout Street Hospitality to manage the hotel. Originally constructed in 1972 and last renovated in 2015, the hotel features 12,000 square feet of function space, a fitness center, indoor pool and restaurant and lounge. John Bourret and Austin Brooks of HFF represented the seller in the deal.

December 12, 2016

Loans Multifamily Seniors Housing Texas

Walker & Dunlop Structures $15.5M Loan for Skilled Nursing Facility in Lubbock

by Amy Works December 12, 2016

LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.

December 12, 2016

Loans Multifamily Texas

Hunt Mortgage Provides $4.2M in Refinancing for Affordable Multifamily Property in El Paso

by Amy Works December 12, 2016

EL PASO, TEXAS — Hunt Mortgage Group has provided a $4.2 million Freddie Mac loan for the refinancing of Mesa Place Townhomes, an affordable housing property located at 5450 Suncrest Drive in El Paso. The borrower, LEDIC Realty Co.,will use proceeds of the loan to refinance existing debt, buy out the company’s existing limited partner and provide cash to fund future acquisitions. The seven-year loan features one year of interest-only payments and a 30-year amortization schedule. Situated on 10.3 acres, Mesa Place features 128 multifamily units in a mix of 76 two-bedroom, 44 three-bedroom and eight four-bedroom units.

December 12, 2016

Multifamily Student Housing Texas

Aspen Heights, Grand China Fund to Develop 166-Unit Student Housing Property in Austin

by Amy Works December 9, 2016

AUSTIN, TEXAS — Aspen Heights Partners has partnered with Grand China Fund to develop Aspen West Campus, a 166-unit student housing high-rise development at 1909 Rio Grande St. in Austin. The team commenced construction on the 17-story, 464-bed property in September, with completion slated for fall 2018. The property will feature units ranging from efficiencies to five-bedroom floorplans and amenity space, including a fitness center, game lounge, study lounge and pool area with grills overlooking the University of Texas campus. The development is Grand China Fund’s first venture into student housing.

December 9, 2016

Loans Multifamily Seniors Housing Texas

Ziegler Closes $67.6M in Bond Refinancing for Two CCRCs in Houston

by Amy Works December 9, 2016

HOUSTON — Ziegler, a specialty investment bank, has closed $67.6 million in bond financing for Brazos Presbyterian Homes (BPH), the operator of Brazos Towers at Bayou Manor and the Hallmark, two continuing care retirement communities (CCRCs) in Houston. Combined, the two communities feature 310 independent living units, 37 assisted living units, 18 memory care units and 69 skilled nursing beds. BPH will use the tax-exempt, fixed-rate financing to pay off bonds from 2013 and fund a debt service reserve fund. The move will save the company approximately $3.3 million in debt payments.

December 9, 2016

Loans Multifamily Texas

Bellwether Enterprise Closes $125M in Refinancing for 10-Property Multifamily Portfolio in Texas, Ohio

by Amy Works December 9, 2016

CLEVELAND, OHIO — Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has closed a $125 million refinancing loan for a 10-property multifamily portfolio in Texas and Ohio. The entire portfolio comprises more than 3,000 units across 10 multifamily properties, with four properties in Texas and six properties in Ohio’s Greater Cincinnati/Dayton area. The Texas properties total 1,273 units and the Ohio properties total 2,065 units. Sara Behrman of Bellwether Enterprise’s Cincinnati office originated the interest-only loan on behalf of the borrower, Fath Properties.

December 9, 2016

Affordable Housing Loans Multifamily Texas

KeyBank Secures $33.5M in Construction Financing for Affordable Housing Property in San Antonio

by Amy Works December 9, 2016

SAN ANTONIO — KeyBank Real Estate Capital has secured a total of $33.5 million in construction financing for Acme Apartments, a 324-unit affordable housing development in San Antonio. The property will be constructed on more than 18 acres of currently vacant land and include four three-story buildings, a community center, leasing office and on-site management building. Additionally, all the units at the property will be designated for households earning at or below either 50 or 60 percent of the area median income. The financing consists of a $10.3 million equity bridge loan and a $23.2 million Freddie Mac tax-exempt loan. Jeffrey Rodman of KeyBank’s Commercial Mortgage Group and Kyle Kolesar of Key’s Community Development Lending and Investment Group arranged the financing.

December 9, 2016

Healthcare Office Texas

HFF Facilitates Sale of Coit Medical Center in Dallas

by Amy Works December 9, 2016

DALLAS — HFF has arranged the sale of Coit Medical Center, a medical office building located at 12230 Coit Road in Dallas. Mohr Capital sold the 32,201-square-foot property to Anchor Health Properties for an undisclosed price. Baylor Scott & White Health, Greater Dallas Orthopaedics, Legacy Heart Care, Texas Orthopaedic Surgical Associates and Lester Plastic Surgery occupy the fully leased building, which was built in 2009. Evan Kovac, Todd Savage, Philip Mahler and Ben Appel of HFF represented the seller in the deal.

December 9, 2016

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