LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.
EL PASO, TEXAS — Hunt Mortgage Group has provided a $4.2 million Freddie Mac loan for the refinancing of Mesa Place Townhomes, an affordable housing property located at 5450 Suncrest Drive in El Paso. The borrower, LEDIC Realty Co.,will use proceeds of the loan to refinance existing debt, buy out the company’s existing limited partner and provide cash to fund future acquisitions. The seven-year loan features one year of interest-only payments and a 30-year amortization schedule. Situated on 10.3 acres, Mesa Place features 128 multifamily units in a mix of 76 two-bedroom, 44 three-bedroom and eight four-bedroom units.
AUSTIN, TEXAS — Aspen Heights Partners has partnered with Grand China Fund to develop Aspen West Campus, a 166-unit student housing high-rise development at 1909 Rio Grande St. in Austin. The team commenced construction on the 17-story, 464-bed property in September, with completion slated for fall 2018. The property will feature units ranging from efficiencies to five-bedroom floorplans and amenity space, including a fitness center, game lounge, study lounge and pool area with grills overlooking the University of Texas campus. The development is Grand China Fund’s first venture into student housing.
HOUSTON — Ziegler, a specialty investment bank, has closed $67.6 million in bond financing for Brazos Presbyterian Homes (BPH), the operator of Brazos Towers at Bayou Manor and the Hallmark, two continuing care retirement communities (CCRCs) in Houston. Combined, the two communities feature 310 independent living units, 37 assisted living units, 18 memory care units and 69 skilled nursing beds. BPH will use the tax-exempt, fixed-rate financing to pay off bonds from 2013 and fund a debt service reserve fund. The move will save the company approximately $3.3 million in debt payments.
CLEVELAND, OHIO — Cleveland-based Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has closed a $125 million refinancing loan for a 10-property multifamily portfolio in Texas and Ohio. The entire portfolio comprises more than 3,000 units across 10 multifamily properties, with four properties in Texas and six properties in Ohio’s Greater Cincinnati/Dayton area. The Texas properties total 1,273 units and the Ohio properties total 2,065 units. Sara Behrman of Bellwether Enterprise’s Cincinnati office originated the interest-only loan on behalf of the borrower, Fath Properties.
SAN ANTONIO — KeyBank Real Estate Capital has secured a total of $33.5 million in construction financing for Acme Apartments, a 324-unit affordable housing development in San Antonio. The property will be constructed on more than 18 acres of currently vacant land and include four three-story buildings, a community center, leasing office and on-site management building. Additionally, all the units at the property will be designated for households earning at or below either 50 or 60 percent of the area median income. The financing consists of a $10.3 million equity bridge loan and a $23.2 million Freddie Mac tax-exempt loan. Jeffrey Rodman of KeyBank’s Commercial Mortgage Group and Kyle Kolesar of Key’s Community Development Lending and Investment Group arranged the financing.
DALLAS — HFF has arranged the sale of Coit Medical Center, a medical office building located at 12230 Coit Road in Dallas. Mohr Capital sold the 32,201-square-foot property to Anchor Health Properties for an undisclosed price. Baylor Scott & White Health, Greater Dallas Orthopaedics, Legacy Heart Care, Texas Orthopaedic Surgical Associates and Lester Plastic Surgery occupy the fully leased building, which was built in 2009. Evan Kovac, Todd Savage, Philip Mahler and Ben Appel of HFF represented the seller in the deal.
FRISCO, TEXAS — The Frisco Station Partnership has engaged Hillwood Multifamily to develop Station House, a 300-unit urban living community in Frisco. The project will be the first residential property to break ground in Frisco Station, a 242-acre multi-use development at the northwest quadrant of Dallas North Tollway and Warren Parkway. Designed by JHP Architecture/Urban Design, the four-story Station House will feature apartment homes with energy-efficient, stainless steel appliances and LED lighting, mudrooms, butler’s pantries, built-in desks, oversized soaking bathtubs and walk-in showers. Community amenities will include private interior courtyards with a pool area; outdoor kitchen and social spaces; massage room and Pilates studio; coffee bar and wine bar; resident lounge and library; demonstration kitchen and private dining room; game room; and terrace lounges. Additional project partners for Frisco Station include Rudman Partnership, which has owned the Frisco Station land since 1962, and Van Trust Real Estate, which serves as the office development partner.
DALLAS — CBRE, on behalf of Ares Management and Benchmark Opportunity Partners, has brokered the sale of Sierra Vista Plaza, a 15.9-acre grocery-anchored retail center in Dallas. ACF Property Management acquired the 163,000-square-foot property for an undisclosed price. Fiesta Mart, Marshalls, Melrose, Footlocker, Footlocker Kids, Applebee’s, Bank of America, Payless Shoe Source, Cici’s Pizza and Gamestop occupy the center. At the time of sale, the property was fully leased and stabilized. Chris Cozby and Chris Gerard of CBRE represented the seller in the transaction.
DALLAS — HEI Hotels & Resorts has completed the sale of Sheraton Dallas by the Galleria, a full-service hotel located at 4801 Lyndon B. Johnson Freeway in Dallas’ Galleria submarket. A partnership between Driftwood Hospitality Management and an institutional real estate investor purchased the asset for an undisclosed price. Driftwood has assumed management of the hotel. The 309-room hotel features 13,741 square feet of function space across 21 meeting rooms; Front Yard, a full-service restaurant; Sheraton Club Lounge; a 24-hour fitness center; a 24-hour business center and an outdoor pool. John Bourret, Austin Brooks and Daniel Peek of HFF represented HEI in the transaction.