HOUSTON and LAKE JACKSON, TEXAS — BMC Capital’s Dallas office has arranged loans for three properties in metro Houston. The first is a $20 million cash-out refinancing loan for two apartment properties located in Lake Jackson. The five-year loan featured an 80 percent loan-to-value ratio, a 5 percent interest rate and a 30-year amortization schedule. The second is a $4.8 million refinancing loan for an apartment complex in Houston. The 10-year, non-recourse loan included a 65 percent loan-to-value ratio, a 4.4 percent interest rate and a 30-year amortization schedule. The third loan is an $8.9 million refinancing loan for an industrial property in Houston. The 10-year loan included a 75 percent loan-to-value ratio, a 10-year fixed rate of 5.2 percent and a 30-year amortization schedule. Keith Van Arsdale of BMC arranged all three loans. Each loan was arranged through one of BMC’s correspondent banking relationships.
IRVING, TEXAS — CBRE Capital Markets’ debt and structured finance group has arranged financing for Regent Center I and II in Irving. CBRE worked on behalf of Founders Properties LLC to obtain a $13.7 million non-recourse loan. The seven-year, fixed-rate loan was secured through Woodmen of the World Insurance Society. The Regent Center Portfolio consists of two office buildings totaling 150,625 square feet that are 100 percent leased by tenants including Devry University, Pulte Group, Staples Inc. and Aramark Educational Services Inc. The Regent Center buildings are situated less than a mile west of I-625 and two miles north of US Highway 114. Greg Greene, Scott Lewis and Matt Ballard of CBRE’s Dallas debt and finance group originated and secured financing on behalf of the borrower.
SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of 1800 Broadway, a 230-unit apartment building located north of downtown San Antonio in the city’s Lower Broadway Corridor. Will Balthrope and Drew Kile of IPA represented the developer, Criterion Property Co. LP, and its equity partner, Cypress Real Estate Advisors. Greystar Real Estate Partners managed the property. Churchill Forge Properties is the buyer. 1800 Broadway is located on the corner of Broadway and Grayson streets directly across from the Pearl Brewery development. Completed in 2013, 1800 Broadway is a four-story, 206,389-square-foot mid-rise development with 230 upscale units and 29 floor plans. Amenities include granite countertops, stainless steel appliances, pendant lighting, a full-size washer and dryer, two-inch blinds and nine- and 11-foot ceilings. Community amenities include a pool, fitness center, two interior courtyards and an indoor/outdoor multimedia space.
HOUSTON — NAI Partners has negotiated the sale of the an office property located at 4201 FM 1960 West known as One Northchase Park near Torrey Chase Boulevard. Jaguar Investors Ltd. was the seller of the glass-clad, six-story, multi-tenant office property totaling 85,213 square feet. Doug Pack of NAI Partners facilitated the transaction. The buyer was not named.
FORT WORTH, TEXAS — Speed Fab-Crete has completed a 26,250-square-foot BMW dealership in Fort Worth. The property is located at 2828 White Settlement Road. The dealership consists of a rooftop parking structure, sky bridge and a 43-foot-tall clock tower. The parking structure was built using fabricated structural steel and concrete and is located on the roof of the existing Autobahn BMW new car showroom and service facility. It is linked to the adjacent Autobahn BMW Pre-Owned facility’s rooftop parking space by the sky bridge. Since 1996, Speed Fab-Crete has completed more than 300,000 square feet of new construction and renovation projects for Autobahn Motor Group. Fort Worth-based architectural firm Callahan & Freeman designed the clock tower. The project team also included Hurst, Texas-based Metro Structural Consultants Inc., Grand Prairie, Texas-based Pavecon, Granbury, Texas-based Rockin S Construction Co. Inc., Fort Worth-based Williams Electric and Everman, and Texas-based Williams Air Conditioning & Heating Inc.
BROKEN ARROW, OKLA. — The Signorelli Co. has sold a 12.2-acre site for a mixed-use development known as The Shops at Aspen Creek to Griffin Properties of Fort Smith, Ark. The Shops at Aspen Creek is planned to include more than 1 million square feet of shopping, dining and entertainment options. The site is located 12 minutes from downtown Tulsa in Broken Arrow. Construction of the 277-unit apartment complex, named The Reserve at Aspen Creek, is planned to begin in June, with the opening anticipated in mid-2016. Situated at the east end of The Shops at Aspen Creek, with entrances from West Tucson Street and West Aspen Creek Drive, the complex will be three stories tall. Trinity Multifamily, the operating partner of Griffin Properties, will manage the apartments. The entertainment anchor at The Shops at Aspen Creek includes the Warren Theatre, a new 18-screen movie theatre boasting a screen 100 feet wide and 50 feet tall. The theatre opened in December.
GRAND PRAIRIE, TEXAS — HLC Equity has purchased Windscape Apartments, a 154-unit, Class-B, garden-style apartment complex in Grand Prairie. Mosaic Realty Partners will co-manage the property along with an HLC Equity affiliate. Windscape is less than a 30-minute drive from both Dallas and Fort Worth. The property is located near several major highways and mass transit options. It also includes access to Globe Life Park, AT&T Stadium and a Six Flags Over Texas. Amenities at the property include a clubhouse, 24-hour fitness center, swimming pool, Jacuzzi, waterfall and a barbecue/picnic area.
DALLAS — Trammell Crow Co. and joint venture partner MetLife Inc. are partnering to develop Park District, a 916,000-square-foot mixed-use development designed by Dallas-based HKS Architects. Park District will include a Class A office tower, a luxury residential tower, ground-floor retail space, below-grade parking and a plaza designed by The Office of James Burnett, a landscape architecture firm. The project will sit on a three-acre parcel between Pearl Street, Olive Street and Klyde Warren Park. Construction will begin later this year. The 19-story Park District Tower will sit on Pearl Street and will feature 502,000 square feet of Class A office space with 9,000 square feet of retail at the base of the tower. Park District Tower will include multiple outdoor terraces, a fitness facility, conference facility with meeting rooms and a lobby. Trammell Crow’s residential subsidiary, High Street Residential, will develop the 32-story Residences at Park District, which will sit on Olive Street. The tower will feature 255 residential units and 13,000 square feet of retail space fronting Klyde Warren Park. Residential amenities will include an amenity deck with a pool, a fitness center, valet and concierge services. The development will be built to LEED Gold and Silver specifications for …
HOUSTON AND SAN ANTONIO — The RADCO Cos. has acquired a three-property multifamily portfolio containing a total of 916 units in Houston and San Antonio. The 122-unit Country Place and the 458-unit Saddle Ridge are both located in Houston, while the 336-unit Trails of Westlakes is located in San Antonio. The properties were built between 1975 and 1984 and were foreclosed upon in 2011 by Fannie Mae, which was the seller. RADCO financed the acquisitions with a mixture of bridge debt and private equity. PCCP LLC. and Oklahoma Fidelity Bank provided the debt. The 17-building Country Place is located on Houston’s west side in the center of the city’s energy corridor, three miles east of Beltway 8. Saddle Ridge is located in Houston’s Northshore/Wood Forest submarket with access to the city’s central business district and the Port of Houston. Trails of Westlakes is located in western San Antonio. RADCO will invest $12.2 million to upgrade interiors at all three properties. The company will also improve the building exteriors and expand the amenity packages.
SPRING, TEXAS — Construction will soon begin on Havenwood Office Park at 25700 I-45 North, between Woodlands Parkway and Sawdust Road in Spring. The development will replace the current Brookhaven Business Park. Havenwood Office Park will feature a LEED Silver-certified, four-story building spanning 250,000 square feet of Class A office space. Everson Developments LLC is the developer and The J. Beard Real Estate Co. will handle leasing of the space.. The project will be designed by Powers Brown Architects and will be built by EE Reed Construction LP. Amenities will include a parking garage, covered walkways and an outdoor plaza. Construction will be completed in the fourth quarter of 2015.