Texas

M&M Brokers Sale of Hospitality Property in Houston

by Haisten Willis December 9, 2014

HOUSTON — Marcus & Millichap has brokered the sale of a two-building, 109-room Holiday Inn Express Hotel & Suites in Houston. Terms of the sale were not released. Jake Gaddy and Steve Swenholt of Marcus & Millichap’s Austin office represented the seller, a Houston-based developer. Chris Gomes of the firm’s Dallas office and Allan Miller of the San Antonio office represented the buyer, a private client. The three-story hotel was built in 1999 and was converted into a Holiday Inn Express & Suites in early 2012. The hotel is located at 125 Airtex Drive and is five miles away from George Bush Intercontinental Airport. Amenities include an outdoor pool, gym, guest laundry, business center and meeting room.

December 9, 2014

Stream Realty Arranges Sale of Industrial Property in Metro Dallas

by Haisten Willis December 9, 2014

LANCASTER, TEXAS — Stream Realty Partners has arranged the sale of an industrial property located at 3334 N. I-35 in Lancaster. The 55,000-square-foot building is located on three acres and was purchased by an investor. Todd Noonan and Hanes Chatham of Stream Realty Partners handled the sale. The property includes 5,000 square feet of office space and additional land for expansion, parking or outside storage.

December 9, 2014

Multifamily Texas

Crimson, USAA Begin Construction on Apartments in Houston

by Haisten Willis December 9, 2014

HOUSTON — Crimson Real Estate Fund and USAA Real Estate Co. are set to begin construction on a new Class A apartment complex in the Westchase submarket of Houston. Patrinely Group is developing the 266-unit complex, which will be built on three acres located next to the 2500 City West Blvd. office building. The two companies acquired the building and an adjacent development site in November 2011. The project will include one- to three-bedroom units ranging in size from 600 square feet to 1900 square feet. It is set for completion in July 2016.

December 9, 2014

Hospitality Texas

Aries Capital Arranges $8.9M Loan for Hospitality Property in Metro Houston

by Haisten Willis December 8, 2014

BAYTOWN, TEXAS — Aries Capital has arranged an $8.9 million loan for the Holiday Inn Express in Baytown. The property opened in April and is located at 7515 Garth Road across the bay from Houston. Rushi Shah of Aries’ Chicago office arranged the non-recourse, 10-year loan on behalf of the borrower, Pride Management. The loan replaces an existing full recourse, bank-constructed loan.

December 8, 2014

Multifamily Texas

BMC Provides $1.1M Loan for Apartment Complex in San Antonio

by Haisten Willis December 8, 2014

SAN ANTONIO — BMC Capital has arranged a $1.1 million purchase loan for an apartment complex in San Antonio. The 10-year loan was cross-collateralized on two properties at a 65 percent loan-to-value ratio, with a 4.9 percent interest rate and 30-year amortization schedule. The loan was arranged through one of BMC’s correspondent banking relationships. Brian Gramlich of BMC Capital’s Dallas office arranged the loan.

December 8, 2014

Retail Texas

Trulan Arranges Sale of Retail Center in Austin

by Haisten Willis December 8, 2014

AUSTIN, TEXAS — Trulan Property Advisors has arranged the sale of a three-tenant, 5,780-square-foot strip center in Austin. The property is located at 7709 E. Ben White Blvd. at the entrance of the MetCenter mixed-use business park. A Starbucks anchors the fully occupied center, which was sold to an out-of-state investor. Jason Middlebrook of Trulan represented the unnamed seller in the transaction. Ryan Hoff with Retail Solutions represented the buyer.

December 8, 2014

Multifamily Texas

M&M Arranges Sale of Two Apartment Complexes in Wichita Falls

by Haisten Willis December 8, 2014

WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of The Timbers and Heritage House, a 228-unit apartment portfolio located in Wichita Falls. Michael Ware and William Jarnagin of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, another private investor. The Timbers is located at 504 Kemp Blvd. and Heritage House is located at 500 Fillmore St. Both properties are just south of Seymour Highway near Midwestern State University and Sheppard Air Force Base. The Timbers was built in 1963 and sits on 2.7 acres. The property consists of one- and two-bedroom units. Heritage House was built in 1972 and sits on four acres. The property consists of efficiency, one- and two-bedroom units. The properties had a combined occupancy rate of 92 percent at the time of sale.

December 8, 2014

Multifamily Seniors Housing Texas

Construction Begins on Heartis Senior Living Community in Waco

by Haisten Willis December 5, 2014

WACO, TEXAS — Construction has begun on the 70,000-square-foot, 81-unit Heartis Waco Assistant Living & Memory Care Community. The development is scheduled for completion in late 2015. Caddis, a national healthcare real estate firm, owns and is developing the project. Frontier Management will manage the property. Heartis Waco is the second of three Heartis communities under development that will be managed by Frontier. The development will be located on five acres at Speegleville Road north of U.S. Highway 84. Katus LLC is the project’s architect and General Contractor Ltd. is the contractor. American National Bank of Texas provided debt financing for the project.

December 5, 2014

Mixed-Use Texas

Simon, Cassco to Develop Mixed-Use Development in Fort Worth

by Haisten Willis December 5, 2014

FORT WORTH, TEXAS — Simon and Cassco Development Co. will develop the first phase of retail on the Edwards Ranch into a 500,000-square-foot shopping center. The Shops at Clearfork will include 100 specialty stores, a movie theater and restaurants. Neiman Marcus will anchor the shopping center, which will span 90,000 square feet across two stories. Construction will start in the spring of 2015 and be completed in February 2017. The Shops at Clearfork is part of a larger 270-acre master plan for Clearfork.

December 5, 2014

Retail Texas

HFF Arranges $38.3M Refinancing for Lifestyle Center in Metro Dallas

by Haisten Willis December 5, 2014

CEDAR HILL, TEXAS — HFF has arranged the $38.3 million refinancing of Uptown Village at Cedar Hill, a 615,000-square-foot lifestyle center in Cedar Hill. HFF worked on behalf of Trademark Property Co. to place a three-year, floating-rate loan with Aareal Capital Corp. Uptown Village at Cedar Hill is located at 305 W. Farm to Market Road 1382 at the J. Elmer Weaver Freeway. The shopping, dining and entertainment center features a water fountain, electric vehicle charging station, children’s play area and an oversized chess and checker board. Live acts play at the center’s Village Green Stage. The center was completed in 2008 and includes more than 70 retail stores including Dillard’s, Dick’s Sporting Goods, Barnes & Noble, Ulta, Chico’s, Victoria’s Secret, Charming Charlie and Foot Locker. Jim Curtin, Trey Morsbach, Judy Boyd and Brad Greenway led HFF’s team representing the borrower.

December 5, 2014

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