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LoansMultifamilyTexas

JLL Secures Acquisition Loan for Apartment Complex in Arlington

by Haisten Willis

ARLINGTON, TEXAS — On behalf of S2 Capital, JLL Capital Markets has secured financing for the acquisition and rehabilitation of River Oaks apartments, a 188-unit value-add asset located in Arlington. Green Bank N.A. provided the loan. Mark Brandenburg led the JLL team in the transaction. River Oaks is located near the Texas Rangers’ Globe Life Park, Dallas Cowboys’ AT&T Stadium, Six Flags Over Texas and the Riverside Golf Course. Community amenities include a barbecue and picnic area, fitness center and a swimming pool. JLL Capital Markets is a provider of capital solutions for real estate investors and occupiers.

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HealthcareTexas

M&M Arranges Sale of 100-Room Ramada Hotel in Plano

by Haisten Willis

PLANO — Marcus & Millichap has arranged the sale of Ramada Limited Plano, a 100-room hotel located in Plano. Chris Gomes and Joseph Jaques of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a limited liability company. Gomes and Miller procured the buyer, a private investor. Ramada Limited Plano is located at 621 Central Parkway E., near Park Boulevard. Built in 1987, the limited service, interior corridor hotel is situated on 1.8 acres. The property features an outdoor swimming pool, business center, breakfast area and meeting space.

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brookhollow-west-business-park-houston
IndustrialTexas

Colliers Negotiates Two Leases at Brookhollow West Business Park in Houston

by Haisten Willis

HOUSTON — Colliers International has negotiated two office/warehouse leases at 9777 W. Gulf Bank Road in Houston. Donald Fincher of TruCore Commercial represented Armadillo Photo Supply Inc., which leased 9,746 square feet. Stephen Kuper and Preston Yaggi of Lee & Associates represented Helios Digital Packaging Inc., which leased 16,081 square feet. Walter Menuet and Judd Harrison of Colliers International represented the landlord in the transaction.

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Level-Office-Houston
OfficeTexas

Method Architecture Completes Interior Renovation of Historic Office Building in Downtown Houston

by Haisten Willis

HOUSTON — Method Architecture has completed an interior renovation of Level Office, located in downtown Houston’s Scanlan Building. Constructed in 1909, the Scanlan Building reaches 11 stories, situated at the intersection of Main and Preston streets. Purchased in late 2013 by Chicago-based Level Office, the three-story renovation project includes revitalizing office suites and common areas and establishing a co-working facility. Geared toward freelancers, entrepreneurs and small businesses, the suites offer an entry receptionist, card reader security and access to shared spaces including a common lounge, kitchen and conference facilities. Method Architecture preserved the building’s original marble and wood flooring and paired those elements with exposed ceilings, wrought iron columns and Edison bulb lighting. Burton Construction was the general contractor on the project.

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LoansMultifamilyTexas

Love Funding Secures $51.2M in Refinancing for Four Multifamily Communities

by Haisten Willis

HOUSTON and FORT WORTH, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted. The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Fort Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). All four communities are owned by related entities of The Wentwood Cos. and managed by Westlake Housing, both based in Austin. Love Funding’s Jonathan Camps secured the financing for the Villas portfolio through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which helps preserve affordable multifamily housing.

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MultifamilyTexas

Drever Capital, Alder Group Begin Construction on Alders at Twin Creeks Apartment Community in Allen

by Haisten Willis

ALLEN, TEXAS — Drever Capital Management and The Alder Group have begun construction on a new multifamily project in Allen. Named Alders at Twin Creeks, the jointly developed, 243-unit retiree residential community is located off Highway 75 in the master-planned community of Twin Creeks. The development is aimed at the Baby Boomer generation, the largest demographic group in the U.S, which began turning 70 years old this year. The location is adjacent to a six-acre park and within a half mile of both the Twin Creeks Hospital and Texas Health Presbyterian Hospital Allen. Completion is set for December 2017. Alders at Twin Creeks will occupy eight acres and will feature an 18,000-square-foot recreational area with an oversized pool, cabanas and commercial outdoor grill kitchen. Additional community amenities include a seniors fitness spa, movie theater, arts and crafts studio, pet park, café and complementary shuttle service. Each unit has its own balcony and comes with granite countertops, stainless steel appliances, side-by-side washer/dryers and energy-efficient lighting. Rental rates will start near $1,400 per month. Units range in size from 730-square-foot one-bedrooms to 1,280-square-foot two-bedroom, two-bath units. KWA Construction Co. of Dallas is the general contractor for Alders at Twin Creeks. Architect Frank …

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LoansMultifamilyTexas

LMI Capital Secures Two Transactions Totaling $34M in Houston

by Haisten Willis

HOUSTON — Jamie Safier of LMI Capital has placed permanent financing for the acquisition and refinance of two separate garden-style apartment complexes totaling $34 million. In the first transaction, Safier obtained a $2 million Freddie Mac loan for the refinance of a 50-unit asset in Houston’s Spring Branch submarket. The loan was a cash-out refinance featuring a 4.5 percent interest rate fixed for the first five years of the 20-year loan term, step down prepayment structure and a one-year interest-only period. The borrower will use a portion of the excess proceeds toward interior and exterior upgrades to the property. The second transaction was an acquisition loan for a 550-unit asset also located in the Spring Branch submarket. The $32 million non-recourse loan featured a fixed interest rate of 4 percent for 10 years and two years of interest-only payments. The proceeds included a rehab component for the borrower to draw upon their planned renovations.

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RetailTexas

Colliers Arranges $2M Sale of Advance Auto Parts in Metro Austin

by Haisten Willis

LOCKHART, TEXAS — Colliers International has arranged the $2 million sale of a single-tenant, net-leased retail building located on at 700 S. Colorado St. in Lockhart. Advance Auto Parts has a remaining 15-year lease on the newly constructed, 6,912-square-foot building. Jon Busse of Colliers International represented the buyer, The Douglas and Diane Paulson Family Trust ,an Austin-based private investor that purchased the property in an all-cash transaction. Brad Motley of KW Net Lease represented the seller and property developer, LG Lockhart LLC.

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HospitalityMixed-UseMultifamilyOfficeRestaurantRetailTexas

Former First National Bank of Dallas Building Renamed The Drever

by Haisten Willis

DALLAS — Drever Capital Management has announced the new name for 1401 Elm St., a 50-story, 1.5 million-square-foot tower occupying an entire city block in the Dallas central business district. The building, originally the First National Bank of Dallas, will now be known as The Drever. The building is being redeveloped into a combination of residential, hotel, spa, retail, office and restaurants with an expected delivery date of 2018. The building’s entrance faces Elm Street and is bordered by Akard Street, Pacific Avenue and North Field Street. Project specifics include a planned 236-room hotel, 27 floors of multifamily with 348 residential rental units, office space, a spa and wellness center, restaurants and entertainment options. On-site amenities for The Drever will include an outdoor terrace rooftop deck, infinity pool, fire pits, fitness center, dog concierge, dog park and public art throughout the interior and exterior of the building. When completed, the eight-story base of the tower will include more than 27,000 square feet of ground-floor retail space, 44,000-square-feet of office space, the hotel, residents’ lobbies and a ballroom. A wraparound amenity deck with sightlines to surrounding buildings, including a pool, a spa and exercise room, will be on the ninth floor. …

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