Texas

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Market Reports Multifamily Texas Texas Market Reports

Multifamily Financing: Where Is The Market, Where Are The Gaps and How Do We Address Them?

by Taylor Williams July 14, 2017

For nearly a decade, multifamily financing has had the benefit of the most stable sources of long-term debt, which has kept the investment market strong and the property type in favor. Whether it is agency lending, life company permanent debt or commercial mortgage backed securities (CMBS) financing, there has been a consistent market for multifamily loans throughout the economic recovery. Houston has been the beneficiary of significant capital supporting multifamily investment and development during that time, but there has been some reaction to the slowing growth in the employment market due to the oil and gas commodity price pullback. Construction – New Development The moderate energy downturn in Houston, coupled with the significant new supply of units and softness in specific market segments, has begun to impact the market for multifamily construction loans and joint-venture equity capital. Construction lenders, which normally would be able to make construction loans with 25 percent or less equity, are now requiring up to 40 percent or more equity from developers. Construction loan advance rates have dropped to the 65 percent and below loan-to-cost (LTC) range. Banks have been under pressure to curtail their lending on construction loans and are sensitive to the pressure of …

July 14, 2017

Mixed-Use Texas

Criterion Breaks Ground on 322,000 SF Mixed-Use Project in Fort Worth

by Taylor Williams July 13, 2017

FORT WORTH, TEXAS — Criterion Property Co. LP has broken ground on The River East, a 322,000-square-foot mixed-use project situated on 2.5 acres at 2900 Race St. in Fort Worth. The project will deliver a 181-unit apartment tower, with units ranging in size from 600 to 1,331 square feet, as well as 3,000 square feet of retail and restaurant space, according to The Dallas Business Journal. A timetable for completion has not yet been established.

July 13, 2017

Hospitality Retail Texas

Mansour Group Brokers Sale of Net Leased Hotel, Retail Condos in San Antonio

by Taylor Williams July 13, 2017

SAN ANTONIO — The Mansour Group at Marcus & Millichap has brokered the sale of Hotel Valencia and Retail Net Leased Condos in the River Walk area of San Antonio. The hotel property and accompanying retail condos are located at 150 E. Houston St. The property was leased to The Valencia Group on a long-term NNN lease. The Mansour Group represented the seller, GrayStreet Partners, in the transaction. An out-of-state private investor purchased the asset.

July 13, 2017

Retail Texas

CBRE Negotiates Sale of 104,022 SF Shopping Center in Norman

by Taylor Williams July 13, 2017

NORMAN, OKLA. — CBRE has negotiated the sale of Colonial Estates, a 104,022-square-foot shopping center located at the intersection of Lindsey Street and 12th Avenue in Norman. The property was 88 percent leased at the time of sale to tenants such as CitiTrends, Dollar General and Rent-a-Center. Jason Little, Justin Brannon, Mark Inman, Stuart Graham and Ryan Storer of CBRE represented the seller in the transaction. Waco-based Hoppenstein Properties Inc. purchased the asset for an undisclosed price.

July 13, 2017

Loans Multifamily Texas

LMI Capital Secures $16.2M in Financing for Three Multifamily Properties in Houston Area

by Taylor Williams July 13, 2017

HOUSTON — LMI Capital has arranged $16.2 million in financing for a trio of multifamily properties totaling 418 units at locations in the greater Houston area, including the Baytown, Aldine and Galveston County submarkets. Brandon Brown and Jamie Mullin of LMI arranged the loans, all of which featured sub-4.8 percent interest rates and were financed through agency and CMBS lenders. The borrowers in all three transactions requested anonymity.

July 13, 2017

Healthcare Texas

Colliers Arranges Sale of Two Healthcare Facilities in Metro Houston

by Taylor Williams July 13, 2017

LEAGUE CITY AND THE WOODLANDS, TEXAS — Colliers International has arranged the sale of two healthcare facilities in metro Houston. Beth Young of Colliers represented the seller in the disposition of South Shore Surgicenter, a 7,365-square-foot ambulatory surgical center and diagnostic clinic located at 2622 Marina Bay Drive in League City. Elena Bakina of Colliers represented Integra Plaza LLC in its sale of a 14,573-square-foot medical office and surgery center located at 3072 College Park Drive in The Woodlands. Sales prices were not disclosed for either transaction.

July 13, 2017

Multifamily Texas

Joint Venture Purchases 509-Unit Apartment Community in Farmers Branch for $85.7M

by Taylor Williams July 12, 2017

FARMERS BRANCH, TEXAS — A joint venture in which publicly traded BRT Apartments Corp. has 50 percent equity has purchased Mercer Crossing, a 509-unit, Class A multifamily community located at 11700 Luna Road in Farmers Branch, for approximately $85.7 million. The price included $55.2 million in mortgage debt, which is financed at 4.2 percent interest and matures in 2028. Provident Realty Advisors Inc. sold the asset.

July 12, 2017

Texas Uncategorized

Apollo Global Management to Acquire Dallas-Based ClubCorp for $1.1B

by Taylor Williams July 12, 2017

DALLAS — Apollo Global Management LLC will acquire Dallas-based ClubCorp (NYSE: MYCC), which owns and operates approximately 200 properties throughout the United States, Mexico and China, most of which are golf and country clubs, for $1.1 billion. Under the terms of the deal, Apollo will acquire all of ClubCorp’s outstanding shares for $17.12 per share in cash. The sale is expected to close during the fourth quarter.

July 12, 2017

Hospitality Texas

Choice Hotels to Develop 134-Room Cambria Hotel in Austin

by Taylor Williams July 12, 2017

AUSTIN, TEXAS — Choice Hotels International Inc., an operator of roughly 6,500 hotels across 40 countries and territories, will develop a 134-room Cambria-branded hotel at the corner of East Ben White Boulevard and East Riverside Drive in Austin. The four-story property will feature an outdoor pool and spa, a fitness center and a variety of on-site dining options. Cloud Nine Hospitality LLC will manage the hotel, which is expected to open in 2019.

July 12, 2017

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