HOUSTON — NorthMarq Capital has secured first mortgage refinancing for the 255-room Hotel Sorella, located in the CITYCENTRE development in Houston. John Burke and Chad Owens of NorthMarq Capital's Houston office arranged the 10-year loan through a CMBS lender on behalf of the borrower, CITYCENTRE HOTEL PARTNERS. The loan includes two restaurants located at the base of the hotel: Yard House and Straits Restaurant. The hotel is managed by Houston-based Valencia Group.
DALLAS — Marcus & Millichap has arranged the sale of a 1,440-square-foot Starbucks, located at 3330 Oak Lawn Ave. in Dallas. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a personal trust, in the transaction and procured the buyer, a partnership.
AUSTIN — ARA has brokered the sale of the 300-unit Bluffs at Town Lake, a multifamily community located at 2005 Willow Creek Drive in Austin. The property is 92 percent occupied and features amenities such as a cyber cafe, coffee bar, music area, fitness center, urban oasis pool, indoor basketball court and skyline views of downtown Austin. Andrew Shih of ARA's Austin office represented the seller, California-based Post Investment Group, in the transaction. Pacific Palisades, Calif.-based The Lighthouse Group was the buyer. Wells Fargo provided agency financing for the acquisition.
FRIENDSWOOD — Marcus & Millichap has arranged the sale of the 218,871-square-foot Reserve at Autumn Creek, a multifamily community located at 3102 W. Bay Area Blvd. in Friendswood. The property features two lakes, open parks with picnic areas, a resort-style swimming pool with a gazebo, an outdoor fireplace, sand volleyball court, clubhouse, business center and a detached fitness facility. Norman Eastwood of Marcus & Millichap's Dallas office represented the seller, a California-based partnership, in the transaction. The buyer was a Florida-based partnership.
DALLAS — Luby's Fuddruckers Restaurants LLC has sold a 11,516-square-foot former Luby's Cafeteria, located at Meadow Central Market at 10425 N. Central Expressway in Dallas. Larry Leon, Kelly Hampton and Ross McCook of Venture Commercial represented the seller in the transaction. Bruce Fry of Bruce B. Fry Co. represented the buyer, SRS Holdings.
FREDERICKSBURG — MIMCO Inc. has purchased the 69,000-square-foot Baron's Creek Shopping Center, located in Fredericksburg. The shopping center includes tenants such as Beall's, Dollar Tree and AT&T.
NEW BRAUNFELS — Mercantile Capital Corp. has closed a $3.15 million SBA 504 loan for the 61-room Best Western Inn & Suites, located in New Braunfels. The 29,948-square-foot hotel features an outdoor pool, an outdoor spa and meeting facilities. Mercantile Capital Corp. provided the loan on behalf of the borrower, New Braunfels Hospitality.
HOUSTON — The LaSalle Group has plans to build an $11.2 million, 26,000-square-foot memory care facility called The Autumn Leaves of West Houston, located in Houston. The facility will be the ninth memory care community The LaSalle Group has brought to the Houston area in approximately two years. The LaSalle Group, Silverado Interests and Community Trust Bank are partners for this project, which is slated for a first quarter 2013 opening.
GARLAND — ARA has arranged the sale of the 111-unit Montclair Estates, an independent living community located in Garland. Titan SenQuest, a division of Titan Real Estate Investment Group, is the buyer, and affiliates of Walton Street Capital and Senior Lifestyle Corp are the sellers.
IRVING — Mesa West Capital has provided $50 million in acquisition financing for the 618,555-square-foot Regent Commons, a Class A office campus located in Irving. Steve Fried of Mesa West Capital originated the financing on behalf of the borrower, Brookfield Asset Management.
