Texas

Sam Moon Group Breaks Ground on New Renaissance Hotel

by Katie Sloan September 3, 2015

PLANO, TEXAS — Developer Sam Moon Group has broken ground on a new 15-story, 304-guestroom Renaissance hotel in Plano. Part of the new 250-acre Legacy West master development, the hotel will include more than 100,000 square feet of conference and meeting space, restaurants, an outdoor bar terrace and a third-floor amenity deck with a swimming pool, bar, spa and fitness center. An attached parking garage will provide 470 parking spaces for guests. Brasfield & Gorrie will serve as general contractor and HKS Hospitality Group will serve as architect on the project. Other project team members include Looney & Associates, Blum Engineering, Brockett/Davis/Drake Inc., Bancorp South and Jones Lang LaSalle. Construction of the hotel is expected to be complete in spring 2017.

September 3, 2015

Propero Provides $26.7M in Equity for Seniors Housing Development Under Construction in Conroe

by Katie Sloan September 3, 2015

CONROE, TEXAS — Lancaster Pollard’s private equity program, Propero Seniors Housing Equity Fund, has provided $26.7 million to develop Woodhaven Village, a new seniors housing community in Conroe, about 40 miles north of Houston. A joint venture led by Paradigm Senior Living, the landowners and passive individual investors are developing the community, which will include 60 independent living units, 60 assisted living units and 24 memory care beds. The joint venture expects to complete construction in late 2016. Propero is a private equity fund established by Lancaster Pollard to invest in seniors housing properties through triple-net leases with experienced operators.

September 3, 2015

Multifamily Texas

Westdale, StreetLights to Develop High-Rise Apartment Tower in Dallas

by Katie Sloan September 3, 2015

DALLAS — Westdale and StreetLights Residential are teaming up to develop The Case Building, a 17-story high-rise apartment tower located at the intersection of Hall and Main streets in the Deep Ellum neighborhood in Dallas. According to the developers, the 337-unit property will be the first high-rise development ever in Deep Ellum. The units will span between 500 and 1,300 square feet and feature 10-foot concrete ceilings, exposed brick walls and open metal shelving. Community amenities will include a business lounge, conference room, studio offices, club room with coffee bar, full-service bar, pool table, private dining room, dog wash station, bike storage room, fitness center and an outdoor swimming pool. Leasing will begin in early 2017, and the co-developers expect to deliver the first units in spring 2017. StreetLights Residential Texas Construction LLC is serving as general contractor for the project.

September 3, 2015

Office Texas

Equus Acquires 193,988-Square-Foot Office Building in Houston

by Katie Sloan September 3, 2015

HOUSTON — Equus Capital Partners Ltd., on behalf of Equus Investment Partnership IX LP, has acquired the Comerica Bank Building, a 193,988-square-foot office building located in Houston. The 11-story building was 89 percent occupied at the time of sale, and is situated on 4.5 acres along the north side of U.S. 59 at One Sugar Creek Blvd. The building’s amenities include surface parking and an attached four-level parking garage, an on-site deli and a full-service banking facility. Jared Chua and Bernard Branca of CBRE represented the undisclosed seller in the transaction.

September 3, 2015

Loans Oklahoma Retail Texas

Q10 Arranges $7M Loan for Shopping Center in Oklahoma City

by Katie Sloan September 3, 2015

OKLAHOMA CITY — Mortgage banking firm Q10 | Professional Mortgage Co. has arranged a $7 million permanent loan for Chatenay Square, a shopping center in the southwest submarket of Oklahoma City. A life insurance company provided the capital. The borrower was not disclosed. Chatenay Square comprises 113,739 square feet and is anchored by a supermarket. Bryson G. Thomason, president, and Franklin “Trey” Warren III, vice president, led the transaction for Q10.

September 3, 2015

Office Texas

HFF Secures $190 Million Financing for Fountain Place

by Katie Sloan September 2, 2015

DALLAS — Holliday Fenoglio Fowler (HFF) has secured $190 million in financing for Fountain Place, a 1.2 million-square-foot office tower located in Dallas. John Brownlee, Steve Heldenfels and Jim Curtin of HFF worked on behalf of the borrower, Goddard Investment Group, to secure the financing through AIG Investments. The $190 million loan was broken into two components: a $100 million, initial seven-year, fixed-rate loan; and a $90 million floating-rate loan. Proceeds are being used to take out the existing financing and fund tenant improvements and leasing commissions, as well as capital expenditures for the construction of a new parking garage and interior renovations.

September 2, 2015

Multifamily Student Housing Texas

Progress Student Living Begins Construction on Progress405 Near Oklahoma State

by Katie Sloan September 2, 2015

STILLWATER, OKLA. — Progress Student Living has begun construction on Progress405, a luxury student housing community near the central campus of Oklahoma State University (OSU) in Stillwater. Located on an 11-acre site at the northern edge of the OSU campus, Progress405 will consist of four three-story buildings with 544 bedroom/bathroom suites in 180 apartment units. When completed, Progress405 will be the nearest Class A, fully amenitized, student housing complex to campus, according to Progress Student Living. The community will be located less than a quarter-mile from Boone Pickens Stadium and a half-mile from the center of campus. Among the property’s amenities will be an outdoor, resort-style swimming pool; a 10,000-square-foot clubhouse; outdoor grilling areas with fire pits; a fitness center; a sand volleyball court; a collaborative study center; a cybercafé; on-site bike racks; and community Wi-Fi. The apartments at Progress405 will be fully furnished and available in one-, two- and four-bedroom floor plans, with each bedroom having its own bathroom. Progress405 will be completed for the 2016-2017 academic year. Greystar Student Living will serve as property manager. Mutual of Omaha Bank is providing construction financing for the project, with equity from Seminole Financial Services. Stillwater National Bank provided acquisition and …

September 2, 2015

Loans Multifamily Texas

LMI Capital Closes Three Multifamily Loans Totaling $15M in Greater Houston

by Katie Sloan September 2, 2015

HOUSTON — LMI Capital has closed three loans totaling $15 million for the acquisition of two garden-style apartment complexes and the refinancing of a third multifamily property in metro Houston. The acquisitions included 260 units across two properties in the thriving Spring Branch submarket. While the assets shared a similar location, the transactions required distinct capital solutions. In the first transaction, Jamie Safier of LMI secured a 10-year CMBS loan at a low fixed rate. The loan represented over 90 percent of the purchase price. For the second acquisition, Safier arranged a five-year loan at a fixed rate of 4.35 percent. The loan equated to over 75 percent of the asset’s purchase price. The deal also featured a flexible prepayment structure. Amid the closings of the two acquisition loans, Safier closed a $2.5 million refinance loan for a 50-unit multifamily property in Tomball. The 10-year agency loan arranged at a fixed rate of 4.34 percent provided significant cash-out proceeds for the client within 18 months of its original acquisition.

September 2, 2015

Industrial Texas

Stream Realty Partners Arranges 14,700 SF Industrial Lease in San Antonio

by John Nelson September 2, 2015

SAN ANTONIO — Stream Realty Partners has secured a 14,700-square-foot industrial lease at Interwest Business Park in northwest San Antonio. The 218,219-square-foot industrial facility is located at 6800 Alamo Downs Parkway at Loop 410 and Culebra Road. Jason Schnittger and Kevin Cosgrove of Stream Realty Partners represented the landlord, G&I VII Interwest Business LP, in the transaction. Joe Caroll of Cavender & Hill Properties Inc. represented the tenant, O’Hagin LLC, in the transaction.

September 2, 2015

Office Texas

MYCON to Build Medical Office Building in Plano for $3.1M

by Katie Sloan September 2, 2015

PLANO, TEXAS — MYCON General Contractors has been awarded a $3.1 million construction contract to build Star Medical Center Office Building, a 30,160-square-foot, two-story medical office building located at 4100 Mapleshade Lane in Plano. The owner and developer is Star Medical Center LLC. The project architect is Bryant Burton Kupcunas Architects Inc. Star Medical Center is an acute-care hospital located immediately adjacent to the new medical office construction. A groundbreaking ceremony is scheduled for Friday, Sept. 4, and MYCON plans to complete construction by the end of the year.

September 2, 2015

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