MISSION, TEXAS — The Chicago office of Tremont Realty Capital has arranged for the refinancing of Mobile Gardens, a 184-site, age-restricted mobile home park in Mission. Tom Lorenzini with Tremont arranged the $2.7 million loan, which was funded through a relationship with a CMBS lender. The 10-year, non-recourse loan includes roughly a 72 percent loan-to-value ratio with a 4 percent interest rate. The property was 92 percent occupied at the time of closing. Amenities include a clubhouse, swimming pool, shuffleboard courts, library and laundry facilities.
Texas
AUSTIN — BMC Capital’s Austin office has arranged a $3.8 million non-recourse loan for the acquisition of a 50-unit multifamily property in Austin. The 10-year loan features a fixed interest rate of 4.4 percent and a 30-year amortization schedule for the out-of-state buyers using a 1031 tax-deferred exchange. The loan was arranged through one of BMC’s correspondent agency relationships.
THE WOODLANDS, TEXAS — A CBRE Global Investors sponsored fund has acquired The Plantation at The Woodlands, a 432-unit, Class A apartment complex that is 94 percent occupied. The Plantation is located at 3720 College Park Drive in The Woodlands, 27 miles north of downtown Houston. CBRE Global Investors plans to upgrade the property by installing two-inch wood blinds, tile backsplashes, new cabinet fronts, lighting and ceiling fan upgrades, new flooring and two-tone paint.
AUSTIN — Construction is underway on Mesa Oaks, a new Class A office building in Southwest Austin. The development will consist of seven buildings ranging in size from 9,300 square feet to 20,150 square feet. The complex will be located directly off William Cannon Drive and Highway 290. The project had stalled for several years under previous ownership. Equitable Commercial Realty is handling the sale and leasing of Mesa Oaks. Upon completion, the project will include 104,000 square feet.
DALLAS — Shipley Do-Nuts has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas/Fort Worth market. The agreement requires Adkins to open a minimum of 60 stores over a 15-year period. Phil Adkins, president of Adkins Development Corp, has owned Shipley Do-Nuts franchises for 18 years. The company currently has 11 stores in the Metroplex.
SAN ANTONIO — An undisclosed buyer has purchased 275 acres of land located in the master planned Sonoma Verde development in northwest San Antonio. The undeveloped land is located near the intersection of I-10 and the Charles William Anderson Loop, 15 miles from downtown San Antonio. Taylor Schmidt and Reed Vestal of TNRG represented the buyer. Gregory Rubiola of Rubiola Commercial Realty represented the unnamed seller. The land is zoned for residential and multifamily development, but there were no immediate construction plans at the time of sale.
DALLAS AND FORT WORTH — HFF has arranged the sale of a six-property, 16-building industrial portfolio totaling 462,618 square feet in the Dallas-Ft. Worth Metroplex. HFF marketed the properties on behalf of the seller, AEW Capital Management LP, who sold the portfolio for one of its institutional clients. Red Tail Acquisitions purchased the assets for an undisclosed amount. The properties are located at 1360-1420 Presidential Drive and 85-890 N. Dorothy Drive in Richardson and at 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrollton. The properties are 87 percent leased to 41 tenants. HFF’s team included Randy Baird, Jud Clements, Robby Rieke and Justin Kundrak.
HOUSTON — The Buckingham, a senior living community in Houston, will undergo a $56 million expansion that will add 186 new residences. The project includes the addition of 103 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living units will be offered in one-, two- and three-bedroom floor plans. The Senior Quality Lifestyles Corp.-owned community opened in 2005 with 204 apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. Irving-based Greystone Development Co. LLC will develop and manage the expansion. Dallas-based D2 Architecture will design the project.
HOUSTON AND HUMBLE, TEXAS — TNRG has arranged the sale of two industrial properties in Houston and Humble. In the first, Long View Equity Partners II LTD purchased a 28,270-square-foot facility on 4553 Aldine Bender Road in Houston. Mike Spears and Mary-Elizabeth Moore with TNRG represented the buyer. Travis Land and John Ferruzzo with NAI Houston represented the seller, BRG Cornerstone Development Partners LLC. In the second transaction, Timothy Ray purchased a 3,000-square-foot facility on 2407B S. Houston Ave. in Humble. Thomas Leger and Chase Cribbs from TNRG represented the seller, LWS S. Houston Ave. LLC. Jason Kieschnick with Zann Commercial represented the buyer.
PLANO, TEXAS — Guardian Life Insurance Co. of America has opened a new facility in Plano, just north of Dallas. The office is located at 5850 Granite Pkwy. The facility will serve as Guardian’s Absence and Disability Management Solutions Center. Guardian is a mutual insurer founded in 1860 providing coverage to employees at more than 115,000 companies.