FORT WORTH, TEXAS — Dougherty Mortgage LLC has closed a $25 million HUD 221(d)(4) loan for the construction of Reserve at Quebec, a 296-unit multifamily affordable housing property located in Fort Worth. The property will include 12 three-story buildings. The 40-year term loan was arranged for the borrower, Reserve at Quebec LLC, through Dougherty’s Dallas office.
HUMBLE, TEXAS — T.J. Maxx has signed a new 22,000-square-foot lease for a store in Westlake Marketplace, a shopping center located at Beltway 8 and West Lake Houston Parkway in Humble. Culver Stedman of EDGE Realty Partners represented the tenant, and Carson Wilson of Fidelis Realty Partners represented the landlord.
GRAND PRAIRIE, TEXAS — Milestone Electric & Air Inc. has opened an 11,715-square-foot office and training center in the Grand Prairie Tech Center in the Upper Great Southwest Industrial District. The local HVAC contractor has signed a long-term lease at 2302 113th St. Will Dillard and Michael Spain of Dallas-based Bradford Commercial Real Estate Services represented the landlord, 2302 113th Street GP. David Rouble of David Rouble Brokerage represented Milestone.
SPRING, TEXAS — CWER Properties LLC has purchased a 6,363-square-foot industrial building on 3.9 acres at 2610 Spring Cypress Road in Spring. Reed Vestal and Taylor Schmidt of Lee & Associates represented the seller, and James Robertson of Workspace Real Estate represented the buyer.
HOUSTON — Houston-based Baker Katz has broken ground on the redevelopment of two buildings totaling 33,000 square feet on a 4.5-acre tract. Baker Katz purchased the property in summer 2015 with plans to add new signage, update the parking lot and renovate the two buildings located near the cross streets of FM 1960 and West Lake Houston Parkway. Verizon Wireless will join the tenant mix in a 4,000-square-foot building. The 15 tenants currently occupying space will remain open during construction.
HOUSTON — Tony Talamas of BMC Capital’s Houston office has arranged $10.1 million in financing for the cash-out refinance of six multifamily properties in Houston. The properties were built between 1958 and 1980. The five-year loan includes a fixed interest rate of 3.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent life company relationships.
DALLAS — Marcus & Millichap has arranged the sale of Newport Landing Apartments, a 185-unit apartment property in Dallas. John Barker and Daniel Burton of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also secured the buyer, a private investor. Newport Landing Apartments is located in the Highland Meadows neighborhood of northeast Dallas. The property spans 185 units and 168,802 square feet, with an average unit size of 912 square feet. The complex includes 36 buildings constructed with wood siding and concrete slab foundations. On-site amenities include a swimming pool, 326 parking spots, controlled access gates, business center, clubhouse, courtyard and five laundry facilities. Unit amenities include fireplaces, walk-in closets, frost-free refrigerators and private balconies.
KATY, TEXAS — Thor Equities has leased a total of 6,800 square feet of space at The Shoppes at Cinco Ranch in Houston to three separate retailers. Iron Tribe Fitness, a gym franchise with more than 60 locations in 15 states, has signed a long-term lease for 4,200 square feet of ground-level space. Great Clips also signed a long-term lease for more than 1,000 square feet, while Nails of America is leasing over 1,600 square feet of space. All three businesses are scheduled to open this summer. Thor recently announced Lowe’s Cos. will build a 100,000-square-foot home improvement store at The Shoppes at Cinco Ranch, with Thor developing retail stores and restaurant spaces throughout the remainder of the 35-acre property. Located in Katy, The Shoppes at Cinco Ranch is accessible via the Westpark Tollway and bisected by Spring Green Boulevard, with parking and sidewalks throughout the property.
HOUSTON — NAI Partners has represented Point2Point Crowded House Moving & Storage in the lease of 31,075 square feet of distribution warehouse space located at 527 W. 38th St. in Houston. Point2Point and Crowded House merged in early 2012. Chris Caudill of NAI Partners represented the tenant, Point2Point Crowded Houston Moving & Storage, during the negotiations. Steve Hazel of Insite Realty represented the landlord, Houston Pine Forest M LLC.
RICHARDSON, TEXAS — Pei Wei, a fast casual restaurant with an Asian-inspired menu, will open its second location in Richardson on March 28. Pei Wei is now hiring and plans to have a staff of 50 employees. The new Pei Wei location will be located at 1425 E. Renner Road, Suite 610, and will be open from 11 a.m. to 9 p.m. Sunday through Thursday and 11 a.m. to 11 p.m. Friday and Saturday.
