EDMOND, OKLA. — Harborview Capital Partners has arranged a $4.3 million bank loan for the purchase of a 98-unit multifamily property located in Edmond, Okla. The loan features a one month Libor-based interest rate. This is the most recent of several deals Harborview has closed on behalf of the Missouri-based lender, and the second loan Harborview has closed for the California-based property owner this year. Jeff Fuchs and Andrew Eisen of Harborview’s New York headquarters negotiated the loan. The loan includes specified funds for exterior and interior capital upgrades to the property.
MIDLAND and ODESSA, TEXAS — Dynamic will be developing sites for Dickey’s BBQ in Midland and Odessa. The Odessa location will be a 2,000-square-foot restaurant with a drive-thru, and the Midland location will be a 3,700-square-foot restaurant with a drive-thru and the potential for further expansion to include a second tenant. Dynamic’s Dan Porter worked with Dickey’s BBQ in the development of the restaurant plans.
HOUSTON — Morgan has opened Pearl CityCentre and Pearl Residences at CityCentre, two luxury apartment developments in Houston. Located across the street from one another at 10401 and 10402 Town & Country Way, the two communities are near shopping destinations, employment in the energy corridor and Westchase District, and highly rated local schools. Pearl CityCentre contains 311 one- and two-bedroom units in a seven-story concrete and steel building. Units range from 650 to 1,500 square feet, with an average size of 950 square feet. Pearl Residences at CityCentre has 148 one-, two- and three-bedroom units in an eight-story concrete and steel building. Designed for residents seeking more square footage, the units in the community range from 750-2,500 square feet, with an average size of over 1,500 square feet. Each property features a cyber café, business center, athletic club and swimming pool. All residents have access to a sky lounge and shuttle service to nearby CityCentre.
WACO, TEXAS — Channel Control Merchants (CCM) has selected Greater Waco for the site of its first Texas distribution operation. The company has acquired a 200,000-square-foot building located at 401 Precision Drive, and will invest $1.1 million in capital improvements and hire 116 employees. CCM plans to have the facility updated, fully staffed and operational by September. The company chose Waco as its first Texas distribution location due to the city’s central location within the state. The company will also open a 38,000-square-foot retail location at 300 North Valley Mills Drive under its Dirt Cheap brand, with plans for multiple retail locations throughout Texas. Dirt Cheap is the largest retailer of customer returns and marked out-of-stock merchandise in the United States. The company, established in Hattiesburg, Miss. in 1941, has expanded across seven states in the last five years. CCM is organized into two divisions: a global wholesale business and 67 retail locations. The retail stores operate under three banners: Dirt Cheap, Treasure Hunt and Dirt Cheap Building Supplies.
AUSTIN, TEXAS — CapRidge Partners has acquired Lakewood on the Park, a 180,558-square-foot office campus in Austin’s northwest submarket, from Equity Commonwealth. Los Angeles-based Mesa West Capital provided financing for the acquisition and repositioning of the property. Located at 7600 Capital of Texas Highway (Loop 360), the property features two, three-story Class A office buildings on a 9.9-acre site overlooking Bull Creek. Lakewood on the Park includes both structured and surface parking. Built in 1998 by local developer HPI, the complex received the 2012-2013 TOBY Award from Building Owners and Managers Association for best low-rise suburban office park in Austin. Lakewood on the Park was 77 percent leased at closing. Tenants include Centaur Technology, Bulldog Solutions and USA Southwest. Mesa West’s $32.1 million non-recourse, floating-rate loan includes future funding for a capital improvement program and leasing costs associated with the repositioning and stabilization of the property. CapRidge’s renovation plans call for a redesign of all common areas including lobbies, corridors and restrooms, plus a new fitness center, tenant lounge, coffee bar and shared conference center. Exterior improvements will include new landscaping, signage and lighting. Andy Scott and Jim Curtin in the Dallas office of HFF arranged the financing. HFF also represented …
HOUSTON — Hartman Retail II, a Delaware Statutory Trust, has purchased Mission Bend Shopping Center in Houston for $15.1 million. The property is located at 6806 Highway 6. Mission Bend Shopping Center is a 140,576-square-foot retail center on 11 acres. It was built in 1984 and is 98 percent leased to tenants including dd’s Discounts, Melrose Family Fashions, Dollar General and Harbor Freight. George Cushing and Wendy Vandeventer of JLL represented the seller in the transaction. Dave Wheeler, Julian Kwok and Russell Turman internally represented the buyer, Hartman Retail II DST.
LANCASTER, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Creekwood Place, a market rate apartment community located in Lancaster. The fully amortizing $13.7 million loan was funded through HUD’s Section 223(f), providing a 35-year, fixed-rate loan structure. The loan will finance the rehabilitation of the complex, a 200-unit Class B community with 176 two-bedroom units and 24 three-bedroom units. Constructed in 1997, the project is located 0.3 miles east of I-35E and 16 miles south of downtown Dallas. Chad Ricks and Jeff Shaw of CBRE’s Dallas office originated financing for Creekwood Place.
HOUSTON — Elandis, the real estate ownership, development and property management arm of the Libra Group, has acquired 1,000 units in four separate multifamily communities in Houston. The combined purchases are valued at $50 million and expand the company’s portfolio of owned and managed residential units to 2,500. The four apartment communities, each consisting of one-, two- and three-bedroom units, include Kirkwood Landing on South Kirkwood Road; The Forest on Imperial Valley Drive; Valencia at Spring Branch on Long Point Road, and Pine Creek on Maxey Road. The properties will be managed by Elandis’s wholly owned subsidiary, Elandis Property Management.
DALLAS — ML Realty Partners has acquired a 163,390-square-foot industrial building at Northgate Business Park in Dallas. ML Realty Partners plans to update the building’s office space to support the growing demand for industrial businesses in northeast Dallas. The distribution facility is located at 9660 Dilworth Road and will be available for lease for spaces as small as 32,584 square feet. The property provides access to I-635 and U.S. Route 75. Gordon Foster & Scott Voelkel of Foster & Co. represented the seller. Matthew Dornak and Ryan Wolcott of Stream Realty Partners represented ML Realty Partners in the acquisition and will also be responsible for leasing the building.
HOUSTON — JLL has secured a total of $450 million of financing for Prime Asset Management to recapitalize JPMorgan Chase Tower and Chase Center, two Class A office properties located in downtown Houston. The 75-story Chase Tower is Houston’s tallest building at 1,002 feet. Combined with the 20-story Chase Center, the complex totals 2.4 million square feet. An underground pedestrian tunnel connects the buildings. Chase Tower includes office space, retail and a sky lobby observation deck. Chase Center includes office and retail space along with a parking garage. Chase Tower is located at 600 Travis St. and was built in 1981. Chase Center is a shorter building adjacent to Chase Tower at 601 Travis St. MetLife provided a fixed-rate senior mortgage, while JPMorgan provided mezzanine financing for a term of 11 years. The mezzanine loan has a floating interest rate for the first year and then converts to a fixed rate for the following 10 years. Prime Asset Management, an international investment group that owns the two properties, will partially use the loans to replace its existing senior mortgage debt with MetLife, which was due at the end of 2017, according to the Houston Chronicle. Tom Melody and John Ream led …