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.
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.
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.
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 …
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.
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.
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.
CEDAR HILL, TEXAS — Trademark Property Co. has begun its multi-million dollar renovation of Hillside Village shopping center, formerly known as Uptown Village at Cedar Hill. The first phase of renovations will include updated signs at property entrances, a new children’s play area, a new promenade section with a bocce ball court, a covered stage area, enhanced landscaping and lighting and additional shaded seating around the village green. Completion of the first phase is scheduled for this fall. Hillside Village is currently home to 350,000 square feet of retail and restaurants, with tenants including Barnes & Noble, Dillard’s, Dick’s Sporting Goods, Charlotte Russe, Charming Charlie, Buckle, Papaya and Victoria’s Secret.
AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional and major private real estate investors, has brokered the sale of Springs at Tech Ridge, a 342-unit apartment community located at 1200 E. Parmer Lane in Austin. The newly constructed property features 21 different one-, two- and three-bedroom floor plans with an average unit size of 967 square feet. Springs at Tech Ridge’s community amenities include a fitness center, resort-style swimming pool and a community garden. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer. The terms of the sale were not released.
ARLINGTON, TEXAS — The Greysteel Co. has arranged the sale of Pioneer Villas, a 90-unit, garden-style multifamily community in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel worked on behalf of the seller, Katz Matlock Place LLC, to complete the transaction. Agorazo I LLC acquired the property, which offers one-, two-, three- and four-bedroom units.