DALLAS — Dougherty Mortgage LLC has secured a $4.3 million Fannie Mae loan for Stonewood Terrace, a 160-unit, market-rate apartment property located in Dallas. The controlled access community is located near public transit and features an on-site playground, laundry and high-speed internet. The 10-year Fannie Mae loan includes a 30-year amortization schedule and was arranged through Dougherty’s Minneapolis office for the borrower, Stonewood Terrace Apartments Ltd.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Casa Azul, a 16-unit apartment property located in Arlington. Nick Fluellen, Bard Hoover and Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen, Hoover and Ogilvie also procured the buyer, an individual/personal trust. Casa Azul is located at 902 N. Oak St. Constructed in 1976, Casa Azul consists of 16 two-bedroom/one-bath units spanning 650 square feet. Select unit interiors were recently upgraded to include faux wood plank flooring, two-tone paint and updated bathroom vanities. The property is located within one mile of AT&T Stadium, the University of Texas at Arlington and the 417-bed Arlington Memorial Hospital.
WACO, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a student housing property near Baylor University. Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park 7 Group. Financing was provided by three different regional and commercial banks. The property, Park Place at Baylor, will be located at 909 Baylor Ave. and include 724 beds in 261 units. The property will be within a five-minute walk to Baylor’s campus. The five-story, mid-rise property will provide amenities including a swimming pool and hot tub, cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.
DALLAS — JLL has negotiated a new 20,200-square-foot lease with movie theater company Studio Movie Grill. The Dallas-based company will be relocating its corporate headquarters to Hidden Grove at 12404 Park Central Drive. JLL’s Jeff Eckert, James Esquivel and Ahnie Gampper negotiated the lease on behalf of the landlord, Red River Asset Management. John Beach with Jackson & Cooksey represented the tenant. Established in 2000, Studio Movie Grill has grown to 24 theatres in 10 states. The company is known for combining a full-service dining experience with first-run movie screenings.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Cavender Manor Townhomes, a 74-unit apartment property located in Hurst. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hoover and Burke procured the buyer, an individual/personal trust. Cavender Manor Townhomes is located at 1233 Cavender Drive. Built in 1965, the property includes one-, two- and three-bedroom units averaging 857 square feet. Since 2014, more than $210,000 has been spent on capital improvements throughout the property.
SAN ANTONIO — Stream Realty Partners has secured a 25,841-square-foot lease at Crosswinds Distribution Center – Building C for Copenhagen Imports, a furniture importer. The property is located at 11827 Tech Com Road in San Antonio. Kevin Cosgrove and Payton Rion of Stream Realty Partners Central Texas represented the landlord, DRA Advisors, in the lease transaction. Crosswinds Distribution Center consists of two industrial buildings totaling 142,403 square feet. The property is located at the intersection of Wurzbach Parkway and Tech Com Road in northeast San Antonio. The industrial space features 160-foot building depths, storefronts, 24-foot clear heights and a rear-load concrete truck court.
HOUSTON — NAI Partners has arranged the lease of a 30,000-square-foot distribution facility located at 14039 S. Gessner Road in Houston. Darren O’Conor and Jake Wilkinson of NAI Partners represented the landlord, Roadrunner Ltd., during the lease negotiations with the tenant, Valve Index Inc., a seller of valve products.
AUSTIN, DALLAS and CONROE, TEXAS — Alabama-based Sanders Trust has acquired three medical facilities in Texas for $115.5 million. The three facilities, located in Austin, Dallas and Conroe, are inpatient rehabilitation hospitals operated by affiliates of Birmingham’s HealthSouth. Together, they total 192,000 square feet. The Austin location includes 75 licensed beds, Dallas has 50 and Conroe has 60, according to the Houston Business Journal. Medical Properties Trust sold the hospitals in a joint venture transaction with Chicago-based capital partner Harrison Street Real Estate. JLL Healthcare Capital Markets represented Medical Properties Trust in the sale. First Tennessee Bank, Iberia Bank, Synovus Bank and Renasant Bank provided acquisition financing on behalf of Sanders Trust.
ARLINGTON, TEXAS — Hangover Opportunity Fund has sold the 110,651-square-foot Bowen Chase Bank building to a local investment group. Located at 1301 S. Bowen Road in Arlington, the Class B office building is situated on nearly seven acres. The fund has invested nearly $1.2 million into the property since its acquisition in January 2014, the bulk of which was spent on installing a new HVAC system and new lighting. Coldwell Banker Commercial Alliance DFW manages and leases the 34-year-old building, which was 94.4 percent occupied at the time of sale. Creighton Stark of Colliers International, along with Gary Walker of Coldwell Banker Commercial Alliance DFW, represented the seller in the transaction. The largest tenant is the state of Texas, which houses a handful of agencies in 48,206 square feet on several floors of the four-story building. Keller Williams, the second-largest tenant, occupies 16,375 square feet. A full-service Chase Bank and ATM area serve as the lobby centerpiece. Matt Carthey of Holt Lunsford Commercial represented the buyer, Arlington-based Duncan Holdings. Start to finish, the transaction closed within 45 days.
SAN ANTONIO — Trammell Crow Co. has begun construction on The Children’s Hospital of San Antonio Health Pavilion – Stone Oak. The three-story, 60,000-square-foot medical office building will be located at 1434 E. Sonterra Blvd. in San Antonio. Owned by Seavest, the project is scheduled for completion in summer 2017. The Health Pavilion – Stone Oak will be home to a variety of pediatric services and family practice groups, and will provide office space for Baylor College of Medicine physicians. The first floor of the building will be home to The Children’s Hospital’s’ third pediatric emergency room, called The Children’s Hospital of San Antonio Emergency Center – Stone Oak. Paul Barker with Endura Advisory Group in San Antonio has been appointed the leasing agent for the building. Trammell Crow’s Clayton Baca and Mark Fowler lead the development management of the project. Mark Siebert and Cristina Hernandez of MKS Associates designed the building. The engineering team comprises David Martinez of Pape Dawson, Roger Mendez of RGM Engineering, Steve Bourassa of Alpha Consulting Engineers and Jason Lochte of Cooper-Lochte Landscape Architecture.