Texas

NorthMarq Secures $74.5M Refinancing of Two Apartment Complexes in Metro Houston

by Haisten Willis June 24, 2015

CYPRESS AND LEAGUE CITY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has secured the $74.5 million refinancing of Stonegate Apartments and Avenues at Tuscan Lakes. The two multifamily assets are located at 11111 Grant Road in Cypress and 1805 S. Egret Bay Blvd. in League City, respectively. The transaction for Stonegate Apartments was structured with a seven-year ARM with three years of interest-only payments. Avenues at Tuscan Lakes was financed with a 10-year, fixed-rate loan with five years of interest-only payments. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

June 24, 2015

Loans Office Texas

Churchill Arranges $12.7M Acquisition Loan for Office Building in Houston

by Haisten Willis June 24, 2015

HOUSTON — Churchill Capital has arranged a $12.7 million loan for the acquisition of 770 S. Post Oak, a six-story, 92,723-square-foot, Class B office building located in the “magic circle” business district and Memorial Park area of Houston. The property is two miles from the Galleria and 10 miles from downtown Houston. Tenants include Love Advertising, HF Christmann & Associates, Prolamsa, Berie Lamberth Mgmt, Sechrist Duckers LLP, Ensyte Energy Software and Zimmerman & Lavine. Duke Stone and Steve Forson of Churchill Capital arranged the 10-year, fixed rate, non-recourse financing through J.P. Morgan Chase Bank NA on behalf of the borrower, Pillar Income.

June 24, 2015

Multifamily Texas

M&M Arranges Sale of 172-Unit Apartment Building in Metro Dallas

by Haisten Willis June 24, 2015

CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a 172-unit apartment property located in Carrollton. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office secured the buyer, a limited liability corporation based in New York. Fox Creek Apartments is located at 1910 S. Josey Lane. The complex includes apartment homes with four floor plans ranging from 712 to 1,000 square feet. Constructed in 1969, Fox Creek features a total of five two-story buildings under flat roofs. The construction consists of brick siding with asphalt surface parking. The rentable square footage is 142,456 and the total lot size is 6.2 acres. The previous owner spent more than $1.08 million renovating the property in the past 16 months. The exterior renovations include roof replacement, exterior paint, a resealed and restriped parking lot, landscaping upgrades, wrought iron perimeter fence and plumbing and electrical improvements. The interior renovations include new appliances, faux wood flooring, new carpet, resurfaced countertops and new plumbing fixtures in select units.

June 24, 2015

Mixed-Use Retail Texas

Victory Real Estate Begins Construction on Mixed-Use Development in Metro Dallas

by Haisten Willis June 24, 2015

FLOWER MOUND, TEXAS — Victory Real Estate Group has begun construction on a seven-acre tract of land located at the northeast corner of FM 3040 and Morriss Road. Located in Flower Mound, Victory at FM 3040 will be a mixed-use retail development comprising two pad sites and 37,600 square feet of retail space. Construction will be completed in the near future. The center is currently 50 percent pre-leased. The acre site was the only remaining undeveloped corner and will have the only street facing retail on all four corners in Flower Mound.

June 24, 2015

Multifamily Texas

CBRE Arranges Sale of Value-Add Apartment Complex in Metro Dallas

by Haisten Willis June 24, 2015

GRAND PRAIRIE, TEXAS — CBRE Capital Markets has arranged the sale of Derby Park, a 360-unit multifamily community in Grand Prairie. Intergerman Derby LP purchased the asset from a private equity firm for an undisclosed price. Dirk Goris, Chris Deuillet and Daniel Baker with CBRE’s Dallas office represented the seller. The 95 percent occupied property is located at 606 W. Palace Parkway at the northwest corner of Beltline Road and I-30. The buyer is planning interior unit upgrades for the complex. Community amenities include two swimming pools, a cyber café, business center, fitness center and a playground.

June 24, 2015

Multifamily Student Housing Texas

Berkadia Secures $34.1M Loan for Student Housing Complex in College Station

by Haisten Willis June 23, 2015

COLLEGE STATION, TEXAS — Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Jackson Cloak of the firm’s Irvine office secured the financing through Berkadia’s Fannie Mae program. The San Diego-based borrower will use the loan to refinance existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Parkway, approximately two miles south of Texas A&M University. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber café, basketball and volleyball courts, fitness center and a resort pool.

June 23, 2015

Industrial Texas

Sealy & Co. Acquires 902,715 SF Portfolio in Rio Grande Valley, El Paso

by Haisten Willis June 23, 2015

HARLINGEN AND EL PASO, TEXAS — Sealy & Co., a commercial real estate investment and operating company, has acquired a 902,715-square-foot, Class A industrial portfolio in the Rio Grande Valley and El Paso. Four buildings totaling 758,715 square feet are located in El Paso, and the remaining building totaling 144,000 square feet are located in Harlingen. The portfolio, which is currently 95 percent leased, consists of five buildings developed between 1997 and 2001. The El Paso buildings are located less than five miles from the Zaragoza Bridge, which is the main distribution border crossing between Juarez, Mexico and El Paso.

June 23, 2015

Restaurant Retail Texas

Greysteel Arranges Sale-Leaseback of Schlotzsky’s Restaurant in West Texas

by Haisten Willis June 23, 2015

SWEETWATER, TEXAS — The Greysteel Co.’s Net Leased investment sales team represented the seller, SL60 Holcomb LLC, in the sale-leaseback transaction of a Schlotzsky’s- and Cinnabon-branded restaurant property in Sweetwater. At closing, the seller entered into a new 20-year triple net lease with renewal options. The property is located at an off-ramp of I-20 between Midland and Abilene and also benefits from pass-through traffic from Lubbock and Austin. Greysteel also procured the buyer, Microproperties Acquisitions Co., a privately-held REIT with a particular focus on investing in restaurant properties, as well as sale-leaseback transactions.

June 23, 2015

Texas

M&M Arranges Sale of 11,992 SF Medical Office Building in Metro Dallas

by Haisten Willis June 23, 2015

SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Southlake Medical Center, an 11,992-square-foot medical office property located in Southlake. Ron Hebert and Wayne Bares of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a developer. The buyer, an out-of-state national medical fund investor, was also procured by Bares. Southlake Medical Center is located at 300 S. Nolen Drive, just south of Highway 114. Situated on less than two acres, the construction of the one-story asset began in 2013 and was completed in 2014. At the time of sale, the asset was 100 percent occupied by three tenants: an ambulatory surgical center, a pain management group and a colorectal surgeon.

June 23, 2015

Loans Office Texas

NCB Provides $4.8M Construction Loan for Church Property in Metro San Antonio

by Haisten Willis June 23, 2015

BOERNE, TEXAS — National Cooperative Bank (NCB) has provided a $4.8 million construction loan to the Congregation of Benedictine Sisters of Boerne, located 30 miles northwest of San Antonio. The financing will be used for the construction of a new monastery and administrative offices. In February 2012, the congregation informally subdivided its 42-acre property and listed 14 acres for sale. The new monastery facilities will be built closer to the existing Boerne ministries and will provide prayer, meeting and work spaces, as well as community and private living spaces. The Benedictine Sisters are monastic women committed to community and a life of work and prayer. The Congregation of Benedictine Sisters is a 501(c) (3) nonprofit corporation.

June 23, 2015

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