AUSTIN — Walker & Dunlop has arranged a $23 million acquisition loan for The Ballpark, a student housing complex in Austin. Walker & Dunlop provided short-term bridge financing prior to the borrower, Nimes Capital, obtaining a 10-year Freddie Mac loan. Nimes Capital purchased the property through an auction in October 2014. The Ballpark is a 282-unit, 768-bed complex built in 2000. It is located in the East Riverside area near the University of Texas at Austin. Amenities at the Ballpark include a computer lab, free internet, a volleyball court, athletic fields, gym and swimming pool. Will Baker of Walker & Dunlop led the team that structured financing.
HOUSTON — NAI Houston represented American Spectrum in the sale of two office properties located at 800 and 888 W. Sam Houston Pkwy. Both buildings are two-story, multi-tenant properties totaling 88,292 square feet. The assets are located in Houston’s Westchase District near the intersection of Beltway 8 and Briar Forest. Doug Pack of NAI Houston represented the seller, American Spectrum. Logan Brown of Logan Brown Investments represented the buyer.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its subsidiary, The Woodlands Development Co., have broken ground on a new Embassy Suites at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Hughes Landing is located on Lake Woodlands and is designed as a live/work/play community with a blend of retailers, dining, entertainment, multifamily residences and Class A office space. The 205-room, full-service hotel is set for completion in late 2015. When finished, it will span 172,000 square feet with 3,000 feet of meeting and event space, a business center, restaurant, rooftop pool deck and 24-hour gym.
STAFFORD, TEXAS — Construction has begun on a 100,000-square-foot facilityfor Ellen Lighting and Hardware in Stafford. The development will feature retail, office and distribution space for the company. DMAC Construction & Development is the general contractor and Three Square Design is providing architectural services. The facility will include a showroom showcasing the supplier’s light fixtures and hardware. The space will also include an office and distribution center. The Ellen Lighting and Hardware facility will consist of tilt wall construction with a glass curtain wall, with a two-story portal entry.
SAN ANTONIO — CBRE Capital Markets’ Senior Housing Debt & Structured Finance group has arranged $40.3 million in acquisition financing for a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital. The financing will be used to acquire Franklin Park Stone Oak, a Class A assisted living and memory care community in San Antonio. CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating rate mortgage loan at a 70 percent loan-to-value ratio for Phase I, which was built in 2011. The company also negotiated a $22.1 million, five-year, 48-month interest-only, floating rate construction loan at a 70 percent loan-to-cost ratio to develop Phase II, which will be adjacent to the existing campus. The completed property will consist of 162 independent living units, 66 assisted living units and 33 memory care units.
DALLAS — The Cantrell Co. has sold the 606-unit Spring Hill Apartments in north Dallas. Spring Hill Investors LP of Dallas purchased the property located at 13750 Maham Road. HS Spring Hill LLC of California was the seller. The complex is a Class C property with below-market rents for the north Dallas submarket. Units average 789 square feet. The 72-building complex was built between 1969 and 1978 on 25.6 acres.
HOUSTON — Cousins Properties Inc. has arranged a 230,000-square-foot lease extension for Stewart Information Services Corp. at Post Oak Central in Houston. Stewart’s lease, scheduled to expire in September 2016, was extended for three years to September 2019. Stewart is a provider of title insurance and other real estate services based in Houston. Post Oak Central is an office complex located at 2000, 1980 and 1990 Post Oak Boulevard. The complex includes 1.3 million square feet of Class A office and retail along with a parking garage.
FLORESVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oakland Hills, a newly constructed 120-unit apartment complex in Floresville. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the unnamed seller. James and Myers also procured the buyer, a limited liability company. Construction on Oakland Hills was completed this year on an 11-acre site at 386 Paloma Drive at the intersection of Veterans Drive and Paloma Drive. Amenities at the complex include a gym, swimming pool, business lounge, gated entry, covered parking and a clubhouse.
HOUSTON — HFF has arranged the sale and acquisition financing of 3000 Post Oak, a 441,523-square-foot Class A office building in Houston’s Galleria submarket. HFF marketed the property on behalf of the seller, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners. FG Asset management purchased the property. The 19-story property is 100 percent leased to Bechtel, an engineering and construction firm. Jeff Hollinden, Dan Miller and Trent Agnew led HFF’s investment sales team representing the seller.
DALLAS — CBRE Capital Markets has arranged the sale of Oakmont Industrial Group’s 1.3-square-foot, Class A industrial portfolio in Dallas. The portfolio includes three cross-dock warehouses located just north and south of DFW International Airport. The buildings include flexible designs, 32-foot clear heights, fire protection systems, high-density dock doors and ample trailer storage. Jack Fraker, Frank Fallon, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni and Ryan Thornton of CBRE arranged the transaction on behalf of Oakmont Industrial Group.