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.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of two apartment communities in San Antonio for an undisclosed sum. The properties include The Montage at North Point and City Heights Apartments, located at 3601 Magic Drive and 9400 Fredericksburg Road, respectively. Built in 1982, The Montage at North Point features 208 apartments, a swimming pool, picnic space, sports court and a dog park. City Heights, which was built in 1972, features 272 apartments across 35 two-story buildings, two swimming pools and a fitness center. Brandon Lo Porto and Scott Weems of SACA represented the undisclosed seller in the deal. The name of the buyer was not released.
PEARLAND, TEXAS — A partnership has completed the disposition of Pearland Central Plaza, a retail property located at 1909 N. Main St. in Pearland. A limited liability company acquired the 9,600-square-foot property for $2.4 million. Gus Lagos and Alex Bouchard of Marcus & Millichap represented the seller, while Keith Lloyd and James Wilson, also of Marcus & Millichap, represented the buyer in the deal.
DALLAS — Presidium Group has acquired two apartment properties in Dallas for an undisclosed price. Located in north-central Dallas, the properties are Linda Vista Apartments and Carlton Court Apartments. Constructed in 1980, Linda Vista Apartments features 370 units in a variety of studio, one- and two-bedroom layouts averaging 667 square feet. Carlton Court features 270 units in one-, two- and three-bedroom layouts averaging 828 square feet. Additionally, the property offers a swimming pool, fitness center and clubhouse. The buyer plans to rename Linda Vista to Linear and rebrand Carlton Court as Cottonwood at Park Central. The name of the seller and acquisition price were not released.
HOUSTON — Gemini BP LP has acquired Gemini Business Park, an office and warehouse park located at 902-930 Gemini St. in Houston. Situated on 8.5 acres, the park comprises three building totaling 142,315 square feet of leasable space. The multi-tenant park features a combination of dock-high and ground-level loading. At the time of closing, the industrial park was 97 percent leased and has since been 100 percent leased. Fred Ghabriel of Bejjani & Associates represented the buyer, while Preston Yaggi, Steve Kuper and Ryan Searle of Lee & Associates represented the undisclosed seller.