DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.7 million purchase loan for an apartment property in Dallas. The five-year loan includes a 3.5 percent interest rate and 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
ARLINGTON, TEXAS — The Greysteel Co., has arranged the sale of Pioneer Creek, a 213-unit property located at 600 W. Pioneer Parkway in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Washington, D.C.-based Greysteel represented the seller, BJS 600 W. Pioneer Parkway LLC, in the transaction. Korca Realty Investments was the buyer.
FORT WORTH, TEXAS — Cousins Properties Inc. has sold 777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, for $167 million. Cousins purchased 777 Main for $160 million in September of 2013 as part of its Crescent Texas acquisition, which included the 4.3 million-square-foot Greenway Plaza office complex in Houston. Cousins is a fully integrated, self-managed real estate investment trust. The Atlanta-based company primarily invests in Class A office assets located in Georgia, Texas and North Carolina.
GRAND PRAIRIE, TEXAS — Teledrift Inc. has renewed and expanded its lease of its base operations in the Great Southwest Industrial District. The Oklahoma City-based company, a supplier for the oil and gas industry, has signed an early renewal for 10,346 square feet at 1515 Ave. S. and leased an additional 14,484 square feet at 1555 Ave. S., both in Grand Prairie. The two leases are co-terminus. The space is located inside the 126,307-square-foot Westfork Business Center, a three-building industrial flex project with access to Texas 161 and I-30. Matt Trozzo and Hugh Herman of Cushman & Wakefield’s Houston office represented the tenant.
ADDISON, TEXAS — The Connor Group has purchased Villages of Addison, a 264-unit, Class A apartment complex located in the north Dallas suburb of Addison. Unit amenities at the Villages of Addison include stainless steel appliances, hardwood flooring, granite kitchen counter tops and a full-size washer and dryer in each unit. Community amenities include a clubhouse with a business center and game lounge, two swimming pools, private cabanas, a 24-hour gym, sauna, outdoor kitchen and grill. The purchase of this property is Connor Group’s ninth and final property acquisition of 2014. The Connor Group owns and operates apartment communities in Atlanta, Austin, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.
DALLAS, TEXAS — BMC Capital’s Dallas office has provided a $1.7 million purchase loan for Parkway Garden Apartments in Dallas. The seven-year loan includes a 70 percent loan-to-value ratio with a 4.37 percent fixed interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
SAN ANTONIO — Amstar has acquired a 2.3-acre development site in San Antonio. The company, along with its development partner Transwestern Development Co., will construct a 229-unit apartment building on the site. The infill development, known as Southtown Flats, will begin construction in January of 2015 with the first units scheduled for completion in early 2016. Southtown Flats will be located at 111 Probandt St. near many local restaurants, bars and shopping destinations. Amenities include a pool with outdoor kitchens and cabanas, bicycle storage rooms, roof deck, grilling stations, clubhouse, gym and a yoga studio.
WYLIE, TEXAS — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the acquisition of Trails Place Townhomes, a 62-unit market rate multifamily housing property located in Wylie. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. The loan was arranged by Dougherty’s Dallas office on behalf of the borrower, 3515 North Story IBAN LLC. Old Capital provided the loan.
PLANO, TEXAS — Ascension Group Architects recently completed Oceans Behavioral Health Hospital Plano in Plano. The hospital opened to patients in September. The 48-bed, 37,000-square-foot hospital is located at 4301 Mapleshade Lane and provides care to adults 55 and older with behavioral disturbances and other brain-related degenerative conditions. The hospital is a joint venture between Dallas-based real estate investment and development company SRP Medical and Louisiana-based Oceans Healthcare.
BROWNSVILLE, TEXAS — Fort Worth-based Morris Capital Partners has acquired the Morrison Crossing retail center in Brownsville. The development is shadow-anchored by Home Depot, Academy Sports + Outdoors and Kohl’s, spans 96,713 square feet and is located on US 83/77. Morris Capital partnered with The Clower Co. of Corpus Christi on the acquisition. Morris Capital was founded in 2010 by Bill Morris and now owns 10 shopping centers with more than 1 million square feet in five states.