MCKINNEY, TEXAS — Love Funding has closed a $24.9 million construction loan for the 211-unit St. Paul Square, a Class A multifamily property that will be part of Adriatica Village in McKinney. Adriatica Village is a 45-acre town center development modeled after a Croatian fishing village known as Supetar. David Brooks and George Fuller are leading the efforts of Adriatica Village's development, which will feature European architecture, an old bell tower, cobblestone streets, a hand-carved dove fountain and a secluded island chapel. Laura Saull-Smith of Love Funding arranged the loan through HUD's Section 221(d)(4) loan insurance program.
Texas
EL PASO, TEXAS — El Paso-based MIMCO is growing its retail portfolio with several developments and redevelopments in west El Paso and across Texas. The El Paso projects include development of a new 39,000-square-foot retail showroom project in west El Paso; development of a new 80,000-square-foot retail center in El Paso; acquisition of a 45,000-square-foot retail center at 9411 Alameda in southeast El Paso; development of a new 80,000-square-foot retail center in southeast El Paso; conversion of a 36,000-square-foot Bowlero Lanes to retail space in northeast El Paso; completion and preleasing of the new 30,000-square-foot Sandstone Pointe Shopping Center on Sean Haggerty at U.S. Highway 54; and planning for development of a 150,000-square-foot community center at McCombs and U.S. Highway 54. The projects throughout Texas include development of a 78,000-square-foot retail asset in McAllen; development of a 46,000-square-foot center in Austin; development of a 68,000-square-foot shopping center in Fredericksburg; and the development of three Dallas properties totaling more than 165,000 square feet.
GREENVILLE, TEXAS — CBRE Hotels has arranged the sale of the 139-room Quality Inn, located at 1215 E. Interstate 30 in Greenville. The hotel features Hangar Bar, an outdoor pool, billiard room, exercise room and complimentary breakfast for hotel guests. Bert Stevens of CBRE Hotels in Dallas represented the seller in the transaction. A private investor purchased the hotel.
PLANO, TEXAS — Venture Commercial has brokered the sale of 58,000 square feet of anchor space at Preston Parker Crossing in Plano to Wal-Mart Stores Inc. Preston Parker Crossing is a shopping center located at 3312 Preston Road in Plano whose tenant roster includes Anamia’s Tex-Mex, Horchow Finale, Legacy Bank and Jason’s Deli. Walmart will open a Neighborhood Market location at Preston Parker Crossing. Sprouts was the previous occupant of the anchor space. John Zikos, Tonya Hagood, and Chris Booras of Venture Commercial represented the seller, Centennial Real Estate Co., in the transaction. Kent Stainback and Mark Parks of The Stainback Organization represented Wal-Mart Stores Inc.
SAN ANTONIO — Omaha, Neb.-based Metonic Real Estate Services has purchased the 230-unit Sierra Ridge, a multifamily property located in northwest San Antonio, on behalf of investors. The apartment complex is currently 94 percent occupied. Omaha-based Seldin Co. assumed management responsibilities upon closing. Seldin is planning extensive upgrades to the interior of Sierra Ridge, which was built in 1972. Gables Residential was the previous property manager.
LAWTON, OKLA. — Marcus & Millichap has arranged the sale of a 5,515-square-foot Lone Star Steakhouse & Saloon, a net leased property located at 5374 N.W. Cache Road in Lawton. Nicholas Farris and Jason Vitorino of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, and procured the buyer, a private investor. Lone Star Steakhouse & Saloon is based in Dallas and has more than 100 steakhouses in 30 states.
ANDREWS AND MIDLAND, TEXAS — McCarthy Building Cos. Inc. has broken ground on the Permian Regional Medical Center in Andrews and has completed Midland Memorial Hospital. McCarthy is teaming up with Trinity Hughes Construction; Bundy, Young, Sims & Potter Inc.; and HKS Architects on the $55 million Permian Regional hospital project. The hospital will span 200,000 square feet and feature a wellness center and a physician clinic with offices. The new facility will replace the existing one and tie into the hospital's skilled nursing unit. The project will be constructed in multiple phases and is slated for a mid-2016 completion. McCarthy also completed the $120 million expansion project of Midland Memorial. The hospital features a 240,000-square-foot, nine-story tower as well as renovations to the existing 100,000-square-foot hospital. The project included upgrades to the labor and delivery units, parking garage, patient rooms and data center. The project also included a new pharmacy, cafeteria and 194 new patient beds.
SAN ANTONIO — Woodbine Development Corp. has refinanced its Hyatt Regency Hill Country Resort and Spa in San Antonio with $89.5 million in loans. Morgan Stanley provided $61 million in senior debt, and Prudential Real Estate Investors provided the $28.5 million in mezzanine debt. Dan MacDonnell of Cushman & Wakefield's Los Angeles office represented Woodbine Development in the transaction. Dallas-based Brown McCarroll provided legal counsel. The hotel is currently undergoing a $35 million expansion and renovation. Woodbine is managing the expansion, WATG and Wimberly Interiors are designing the interior, HKS Hill Glazier Studio is the architect of record, Rialto Studio is managing the landscape makeover and Hardin Construction Co. is the general contractor.
HOUSTON — Cameron, a flow control equipment provider to the oil and gas industry, has signed a long-term lease for 106,801 square feet at 8 West Centre in Houston. The office building was developed by CORE Real Estate and spans 227,000 square feet. The building is located at 3505 W. Sam Houston Parkway. Cody Armbrister, Kristen Rabel and Rima Shpolyansky of CBRE represented CORE Real Estate in the lease transaction. Brandi McDonald of Newmark Grubb Knight Frank represented Cameron, which will move into the new space in July.
DALLAS — NorthMarq Capital has arranged first mortgage financing for the refinance of the 137-unit Oak Lawn Heights Apartments, located at 2600 Arroyo Ave. in Dallas. Tony Gray and Kristi Johnson of NorthMarq's Houston office arranged the 10-year loan through Fannie Mae to amortize over a 15-year period on behalf of the borrower, Knot Your Ordinary Apartments LLC.