Texas

HFF Arranges $6.2M in Financing for Class A Apartment Complex in Metro Houston

by Haisten Willis April 10, 2015

KINGWOOD, TEXAS — HFF has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A apartment complex in Kingwood. HFF worked on behalf of the borrower, Mark-Dana Corp., to secure the loan through an affiliate of Prime Finance. Amegy Bank provided the senior construction loan in a non-HFF related transaction. Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each with attached garage parking. Situated on 12.6 acres at 331 Forest Center Drive, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, 24 miles north of downtown Houston. Colby Mueck led HFF’s equity placement team.

April 10, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis April 10, 2015

GRAND PRAIRIE — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Rose Garden, a 57-unit apartment community located at 2718 Sherman Street in Grand Prairie. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented NYE LLC in the sale of Rose Garden to Series C of Intelligent Investments LLC. Built in 1968, Rose Garden is a six-building, 43,670-square-foot property consisting of 33 one-bedroom units and 24 two-bedroom units. The property is located near prominent entertainment hubs, retailers and restaurants, and offers access to nearby amenities.

April 10, 2015

Multifamily Texas

Berkadia Negotiates Sale of Two Texas Multifamily Properties

by Haisten Willis April 10, 2015

AUSTIN AND GALVESTON, TEXAS — Berkadia has negotiated the sale of two multifamily properties in Texas. George Deuillet III and Forrest Bass of Berkadia’s Austin office negotiated the sale of Capitol Village Apartments located in Austin. Chip Nash, Greg Austin, Wade Schmitz and Bob Heard of the firm’s Houston office negotiated the sale of Driftwood Apartments in Galveston. Both sales closed on March 31. Capitol Village Apartments, located at 6855 E. Highway 290 in Austin, was built in 1969. The 249-unit property features studio, one-, two- and three-bedroom layouts. Unit amenities include kitchens with electrical appliances, balconies, patios, fireplaces, ceiling fans and walk-in closets. Community amenities include a swimming pool, clubhouse, playground, fitness center and business center, as well as barbeques, carports and two laundry facilities. The property, which is 96 percent occupied, is located on Highway 290 near State Route 183. The seller was InterGroup Corp. of Los Angeles and buyer was a private investor from San Francisco. Built in 1982, Driftwood Apartments is located at 7019 Lasker Drive in Galveston and is 97 percent occupied. The 238-unit property features one- and two-bedroom layouts, and unit amenities include kitchens, pantries, balconies, patios, washer and dryer connections, walk-in closets and …

April 10, 2015

Loans Multifamily Texas

LMI Capital Secures $26.4M Loan for Refinance of Apartment Complex in Houston

by Haisten Willis April 10, 2015

HOUSTON — Jamie Mullin of LMI Capital has arranged $26.4 million in debt for the refinance of a garden-style apartment complex in Houston’s Galleria submarket. On behalf of the borrower, Mullin secured the 10-year, fixed-rate CMBS loan that provided cash out proceeds to the client. The loan featured a 4.2 percent interest rate and five years of interest-only payments followed by a 30-year amortization schedule.

April 10, 2015

Retail Texas

Tyler’s Leases 17,274 SF for First Fort Worth Location

by Haisten Willis April 10, 2015

Fort Worth, Texas —Tyler’s will open a 17,274-square-foot store at the Trademark Property Co.’s WestBend mixed-use development in Fort Worth’s University District. Slated to open in early 2016, the regional retailer will bring athletic, lifestyle and collegiate apparel, footwear, eyewear and accessories to WestBend. It’s the company’s first location in Fort Worth and seventh statewide. Tyler’s will join the line-up of current WestBend tenants, including Zoë’s Kitchen, East Hampton Sandwich Co., and Silver Fox. In addition, The Fresh Market is slated to open this summer, and Grimaldi’s Coal-Brick Oven Pizzeria is slated to open this fall at the development. Upon completion in fall 2015, WestBend will include 280,000 square feet of retail, dining and office space.

April 10, 2015

Hospitality Texas

MCR Completes Renovation of The Residence Inn By Marriott in Killeen

by Haisten Willis April 9, 2015

KILLEEN, TEXAS — MCR Development LLC has completed a renovation of the Residence Inn by Marriott Killeen, a 109-suite hotel located at 400 E. Central Texas Expressway in Killeen. The hotel’s renovation featured furniture upgrades and fresh paint throughout the lobby, meeting spaces and in all guest suites. In addition, a communal table was installed in the lobby that guests can use to gather and socialize. All new beds were added to each guest room as well as an amenity shelf in each suite’s bathroom. Residence Inn by Marriott Killeen is located five miles from Fort Hood, a military base, and in proximity to Belton Lake Outdoor Recreation Area, Texas Thunder Speedway, Killeen Mall and Stone Tree Golf Club. All guest suites feature kitchens with separate living areas and 32-inch TVs. Hotel amenities include an outdoor swimming pool, a barbecue and picnic area and free high-speed Internet.

April 9, 2015

Loans Multifamily Texas

LMI Capital Arranges $11M for Refinance of Apartment Complex in Metro Houston

by Haisten Willis April 9, 2015

SUGAR LAND AND MISSOURI CITY, TEXAS — Brandon Brown of LMI Capital has arranged $11 million in debt for the refinance of a garden-style apartment complex in the Sugar Land/Missouri City submarket of Houston. Brown secured the 10-year, fixed-rate Fannie Mae loan, which will provide cash out proceeds , on behalf of the unnamed borrower. A portion of the cash out was earmarked for interior and exterior property upgrades. The non-recourse loan features a 4.2 percent interest rate and a 30-year amortization schedule.

April 9, 2015

Loans Multifamily Texas

Pillar Arranges $9.2M Loan for Multifamily Property in Metro Dallas

by Haisten Willis April 9, 2015

FRISCO, TEXAS — Pillar has arranged a $9.2 million Fannie Mae acquisition loan for Stonebrook Village, a multifamily affordable housing property. Stonebrook Village includes one-, two- and three-bedroom apartment units located in Frisco. The property was developed in 1994. Marc Cesare of Pillar’s Dallas office originated the fixed-rate, 10-year term loan with a 30-year amortization schedule. Stonebrook Village is located near the North Dallas Tollway and just north of the new Dallas Cowboys world headquarters scheduled for completion in 2016.

April 9, 2015

Retail Texas

M&M Arranges Sale of Retail Property in Metro Houston

by Haisten Willis April 9, 2015

LEAGUE CITY, TEXAS — Marcus & Millichap has arranged the sale of Centre At South Shore Harbour, a 28,150-square-foot retail property located in League City. Matthew Mignerey and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Mignerey and Hargrove also secured and represented the buyer, a private investor. Centre At South Shore Harbour is located at 2800 Marina Bay Drive.

April 9, 2015

Office Texas

Caddis Sells Southwest Medical Portfolio to Griffin-American Healthcare REIT III

by Haisten Willis April 9, 2015

DALLAS AND HOUSTON — Caddis has sold its southwest medical office building portfolio to Griffin-American Healthcare REIT III Inc. The portfolio, totaling 182,528 square feet, includes two medical office buildings located in metro Houston, one medical office building in metro Dallas in addition to a hospital/medical office building complex in Durango, Colo. The Texas properties include Winding Way Medical Plaza, a two-story, 27,405-square-foot building, which was built in 2008 and is located in Friendswood. It is 92 percent occupied. Memorial Hermann is the anchor tenant; South Texas Medical Clinic, a two-story, 55,000-square-foot medical office building located in Wharton. It is fully leased to Memorial Hermann Medical Group. Services in the building include family practice, internal medicine, obstetrics/gynecology, neurology, radiology and a lab and pharmacy. It was built in 1987; Keller Medical Plaza, a 31,070-square-foot, retail-style building, which was completed in 2011 in Keller. It is 94 percent leased, primarily to Texas Health Resources (THR) and THR affiliates, including anchor primary care and sports medicine tenants.

April 9, 2015

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