DALLAS — NXT Capital has provided a $22.3 million first mortgage loan to finance the acquisition of two multifamily properties located in Dallas. The two properties total 394 units. Both properties provide access to I-635, eastern Dallas and Uptown Dallas. One of the properties offers two swimming pools and a fitness center, and the other property offers a swimming pool and a clubhouse. Andy Scott of HFF’s Dallas office placed the loan. NXT Capital’s real estate finance group primarily serves experienced real estate investors with non-recourse first mortgages of $10 million to $40 million for major-market properties.
SAN ANTONIO — ARA Newmark has arranged the sale of Ventana, a 390-unit, Class A asset located in northwest San Antonio. Occupancy at the time of the sale was 95 percent. Patton Jones and Matt Michelson of ARA Newmark represented the seller, California-based Francis Property Management, in the transaction. A real estate investment and management company, Francis Property Management maintains an existing portfolio of Class A apartment communities located throughout Texas and California. The buyer, Venterra Realty Management, purchased the property for an undisclosed price. Constructed in 1994, Ventana is a Class A, garden-style community located in the Northwest Medical Center submarket of San Antonio. Apartment units at Ventana average 975 square feet and feature nine-foot ceilings with crown molding, brushed nickel lighting and plumbing fixtures. There are 14 floor plans ranging from 671-square-foot, one-bedroom homes to 1,403-square-foot, three-bedroom homes, with some units including direct access garages. Property amenities at Ventana include two swimming pools, poolside wireless internet, attached garages, a business center and fitness center.
COLLEGE STATION, TEXAS — KWA Construction has begun construction on Cherry Street Apartments, a 200-bed student housing complex in College Station’s entertainment district known as Northgate. Addison-based real estate investors Seneca Investments selected KWA Construction to build the 108,005-square-foot project, which was designed by NTS Architects & Planners. The project is expected to open in summer 2016. Formed in 1996, Seneca Investments is a privately owned real estate investment company with more than 60 years of combined experience in commercial real estate development. When complete next summer, Cherry Street Apartments will house up to 200 students and faculty. Located at 200 Cherry Street, the one- and two-bedroom apartment community will feature a swimming pool with lounges, outdoor grilling area, a fire pit and an outdoor theater. Additionally, the community grounds will include game and exercise rooms as well as a parking garage.
HOUSTON — GSI has renewed its lease of 16,440 square feet at the Norfolk Tower building located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building’s owner, The Realty Associates Fund IX, in negotiations. Don King with Jones Lang LaSalle represented the tenant.
TOMBALL, TEXAS — Colliers International has arranged sale of a 17.4-acre tract of land at the southwest corner of Hufsmith-Kohrville and Spell roads in Tomball for the relocation and consolidation of Packers Plus Energy Services Inc.’s Houston-based operations to a single campus. The $21 million project, the first for the Tomball Business and Technology Park, will be constructed in phases and consist of a 50,000-square-foot research and development center, a 237,000-square-foot manufacturing building and a multi-story, 40,000-square-foot corporate office building. The seller was Tomball Economic Development Corp. Tom Condon Jr. of The Woodlands office of Colliers International represented the seller. Brandi McDonald of Newmark Grubb Knight Frank represented the buyer. Jane Matthews with Stewart Title Tomball coordinated the closing. Packers Plus is an international oil and gas service company. The new facility in Tomball is expected to create 353 new full-time jobs in Tomball, with 172 of the jobs being created in the first five years of operation.
DALLAS, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $924,000 purchase loan for a 16-unit apartment property located in Dallas. The five-year loan includes a 3.9 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.
AUSTIN, TEXAS — HREC Investment Advisors has arranged the sale of the 260-guestroom Embassy Suites Austin Central. SBCO-BREI Austin Operating Co. LLC is the buyer. Bill Murney of HREC Investment Advisors’ Phoenix office, along with Scott Stephens of the firm’s Tampa office, represented FelCor Lodging Trust during the transaction. The property is located at the intersection of I-35 and U.S. 290, approximately 4.5 miles from downtown Austin.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of Comfort Suites Plano/Dallas, a 76-room hospitality property located in Plano. Pravin Boteju, Andrew Frosch, Rahul Bijlani and Michael Yu of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. Yu, Bijlani and Frosch also sourced the buyer, a private investor. Comfort Suites Plano/Dallas is located at 2301 E. President George Bush Highway.
SAN ANTONIO — Stream Realty Partners has brokered a new lease for 10,297 square feet at Interwest Business Park located in Northwest San Antonio. Jason Schnittger and Kevin Cosgrove of Stream represented the landlord, G&I VII Interwest Business LP, in the transaction. Green Star Inc. of San Antonio signed the new lease. Interwest Business Park is located at 6800 Alamo Downs Parkway offering access to Loop 410. The four-building, multi-tenant office/flex property spans approximately 219,244 square feet. Hank Pruitt of Pruitt Realty represented the tenant in the deal.
LEANDER, TEXAS — Dougherty Mortgage LLC has secured a $7.7 million Fannie Mae loan for the refinancing of Merritt Legacy Apartments, a 208-unit multifamily affordable housing property located in Leander. The 15-year loan includes a 35-year amortization schedule and was arranged by Dougherty’s Dallas office. Amenities include Energy Star appliances, washer and dryer connections, large closets and private patios or balconies with extra storage. Property features include a pet-friendly environment with pet stations, a pet park, library, fitness center, covered parking, swimming pool, barbecue grills and picnic tables.