SUGAR LAND, TEXAS — Planned Community Developers has acquired a five-acre lakefront site in Sugar Land for the development of a Class A office building with structured parking and a planned 134-room hotel. The site is within walking distance of dining, shopping, residential and medical properties, including Whole Foods Market, 14 restaurants, Lifetime Fitness and 320 town homes, patio homes and lifestyle garden homes.
TULSA, OKLA. — KeyBank Real Estate Capital has secured a $10 million interim loan for Fairmont Terrace Apartments, an affordable housing complex located in Tulsa. The 336-unit, garden-style apartment property was built in 1975 and will be renovated using low-income housing tax credits and HUD financing. Kelly Frank of Key’s Community Development Lending Group arranged the financing on behalf of Millennia Housing Development, which was used to acquire the property.
AUSTIN, TEXAS — Thrive FP, an Austin-based commercial real estate investment and lending firm, is launching a new, $50 million fund as part of an effort to boost its private lending business throughout Texas. Thrive FP created the subsidiary Thrive Lending Fund LLC to manage and oversee its private lending and debt business. Justin Brogna, a banking industry executive with 19 years of experience, will run the operations. Since its inception in 2007, Thrive FP and its affiliates have invested over $100 million in debt and equity with over $350 million of real estate purchased. Thrive and its affiliates hold interests in over 4,000 apartment units that are valued at over $225 million and have lent more than $65 million in private money loans.
FLOWER MOUND, TEXAS — New Era Hotels & Resorts and Sunset Legacy LP plan to develop a 12-story, 220-room luxury hotel and conference center overlooking Lake Grapevine in Flower Mound. The development, which will be called The Pearl on the Peninsula Hotel & Conference Center, will overlook the Grapevine Lake from 40-foot bluffs. It will be the centerpiece of the southern 25-acre peninsula, which is part of the 150-acre mixed-use development, Lakeside DFW. The Tarwater and Stewart families, who have collectively owned the property since the 1890s, are driving the development of The Pearl on The Peninsula Hotel & Conference Center. The Flower Mound Town Council approved a measure that will assist New Era Hotels & Resorts in developing the hotel and conference center. The 12-story hotel will include a 32,000-square-foot conference center. The developer plans to seek LEED certification. Tarwater and New Era Hotels & Resorts are leading the development effort and DePalma Hotels & Resorts will manage the property. The project team includes Merriman Associates/Architects, TBG (landscape design), Duncan, Miller, Ullmann Design (interior design), Gateway Planning (master planning) and Kimley-Horn (engineering). Balfour Beatty is acting as design builder.
COPPERAS COVE, TEXAS — Boston Capital is investing in the construction of Constitution Court Apartments Phase II, a 72-unit apartment complex Copperas Cove. Commonwealth Development and KJK Enterprises are the general partners. The complex will be built with tax credit equity from the Low Income Housing Tax Credit program. Units will be available to individuals and families earning 60 percent or less of the area median income. Constitution Court Apartments will be the second phase of an existing 108-unit tax credit development built in 2011, which was financed with Tax Credit Exchange Program funds. The apartment community will feature 20 one-bedroom/one-bath, 32 two-bedroom/two-bath and 20 three-bedroom/two-bath units in six, two-story garden-style buildings. The construction of the second phase of Constitution Court Apartments will generate more than $5.1 million in local salaries and create nearly 80 new jobs in the Copperas Cove area. Boston Capital’s investment in this development adds 72 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 21,900 affordable apartments in Texas.
CORPUS CHRISTI, TEXAS —Marcus & Millichap has arranged the sale of Glen Willows Apartments, a 233-unit apartment complex in Corpus Christi. Zar Haro of Marcus & Millichap’s San Antonio office, along with Mike Moffitt Jr. of the firm’s Austin office, represented the seller, a limited partnership. The buyer is a limited liability company. Built in 1973 on 10.3 acres, Glen Willows Apartments is located at 5802 Everhart Road. Floor plans at the property include 32 one-bedroom, 128 two-bedroom and 47 three-bedroom single-level units, along with 26 two-bedroom/one-and-one-half-bath townhomes. The units feature central air conditioning, all-electric kitchens, spacious closets, patios and second-floor balconies. Community amenities include controlled access gates, two on-site laundry rooms, two swimming pools and a playground.
DALLAS — Law firm Strasburger & Price LLP will renew its lease at the Bank of America Plaza in downtown Dallas. Jim Graham and Travis Ewert of Colliers International represented Strasburger in the transaction, while Joel Pustmueller and Sarah Hinkley of Peloton Commercial Real Estate were the landlord representatives. Strasburger was one of the original tenants in the Bank of America Tower when it opened in 1985. Strasburger will move from floors 43, 44 and 45 and will now occupy roughly 66,000 square feet on floors 60 and 61 along with a portion of floor 62. Strasburger is expecting to move into its new space in 2016. Noel Ragin and Carolyn Norman of Colliers affiliate Charter Acquisitions will be handling the project management for the company’s office renovation.
HOUSTON — Transwestern has arranged the sale of four multifamily properties totaling 704 units in Houston. Ed Cummins, Tim Gregory, Guadalupe Olivares and Ryan Mendez of Transwestern represented the sellers. Transwestern arranged the sale of Cancun Apartments, a 324-unit, garden-style community located at 1855 Wirt Road, purchased off-market for an undisclosed amount by DCM Cancun LP. Transwestern represented the seller, Elite Spring Branch Properties LLC, in the transaction; Huntington at Stonefield, a 264-unit, garden-style community located at 13100 Stonefield Drive, purchased by a first-time Houston buyer for an undisclosed amount and financed with a Fannie Mae loan. Transwestern represented the seller, CRP TBG Huntington Green LP, in the transaction; Legacy Apartments, a 70-unit, garden-style community located at 3905 and 4515 Lockwood Drive, a recent foreclosure that was purchased by an in-state buyer for an undisclosed amount. Transwestern represented the seller, SAMC REO 2013 01 LLC, in the transaction; Hidden Pines, a 46-unit, garden-style community located at 7611 Jalna St., purchased for an undisclosed amount by a private investment group. Transwestern represented the seller, Fat Property LLC in the transaction.
FORT WORTH, TEXAS — HopFusion Ale Works, a new Fort Worth brewery, has leased 8,500 square feet of industrial space in the building located at 200 E. Broadway St., known as the Texaco Building, in Fort Worth’s Southside. Located one block east of South Main between Vickery Boulevard and Pennsylvania Avenue, the building was constructed in 1950. LHS 200 Broadway LLC owns the property. HopFusion Ale Works will be leasing the larger of the two spaces available in the building, and construction will soon start on the brewery, which is set to open later this year. Co-owners Macy Moore and Matt Hill plan to use the space not only as a production brewery, but also as an art gallery featuring local artists. Four beers will be featured when the brewery opens, with additional beers to follow soon after the opening.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Sutton Square Apartments, a 154-unit apartment property located in Hurst. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also represented the buyer, another limited liability company. Sutton Square Apartments is located at 601 Bellaire Drive. The location provides access to State Highway 10 and State Highway 183.