SAN ANTONIO — Embrey Construction has broken ground on Pearl Brewery's 300-unit Can Plant Apartments, a multifamily community located at 503 Avenue A in San Antonio. The development will include a resort-style swimming pool, parking garage, health club and social lounge. An affiliate of San Antonio-based Silver Ventures is developing the property, which is designed to achieve the 2008 National Green Building standard. The property is slated for a third quarter 2012 delivery.
EL PASO — Cypress Equities has arranged $57.3 million loan for the 591,000-square-foot Bassett Place, an enclosed mall located at 6101 Gateway W. in El Paso. The mall is 93 percent leased to tenants such as Kohl's, Target and Premiere Cinema 18. Cypress arranged a $49.3 million senior loan through CIBC on behalf of the borrower, Bassett Place Real Estate Co. Cypress also arranged $8 million in mezzanine financing through RCG Longview. Part of the funding will go toward capital improvements associated with two new leases with Dollar Tree and Shoe Carnival in one of the mall's outparcel buildings.
FORT WORTH — HFF has arranged a $4 million loan for the refinancing of the 83,402-square-foot Hulen Square, a shopping center located at 6201-6299 Granbury Rd. in Fort Worth. Travis Anderson of HFF's Dallas office arranged the 5 year loan through ViewPoint Bank on behalf of the owner, Cencor Realty Services.
DALLAS — A new restaurant developed by Stephan Pyles is coming to 17Seventeen McKinney, an office tower located at 1717 McKinney Ave. in Dallas. Pyles has signed a 7,493-square-foot lease with Granite Properties for ground floor space. The 120-seat restaurant will open in the spring of 2012. Mitch Traub, Wyatt Russo and Jim Weir of the Retail Connection represented the landlord in the leasing transaction. Jack Gosnell of United Commercial Realty's Dallas office represented Pyles.
FORT WORTH — Education Realty Trust has agreed to purchase the leasehold interest of the 244-unit GrandMarc at Westberry Place, a collegiate housing community on the campus of Texas Christian University in Fort Worth, for $54.7 million. The transaction is expected to close in mid-November. The property is 97.8 percent leased and is subject to a 53-year ground lease with TCU. In addition, the housing community includes 30,000-square-feet of ground floor retail that is currently 100 percent leased.
HOUSTON — Marcus & Millichap has brokered the sale of the 14,000-square foot Red Oak Surgery Center, an ambulatory facility located at 17322 Red Oak Dr. on the campus of Houston Northwest Medical Center. The facility is operated by Dallas-based Tenet Healthcare. Tanner McGraw of Marcus & Millichap's Houston office represented the seller, a private investor, in the transaction and secured the buyer, a private investor.
GROVES — Store It! @ Groves has purchased a 575-unit self storage facility, located at 6701 Gulfway Dr. in Groves. Houston-based The Jenkins Organization will operate the 67,013-square-foot facility. Steve Mellon of Grubb & Ellis' Houston office and Pete Williams of the firm's Memphis, Tenn., office represented the seller, MLCFC 2006-4 Gulfway Storage LLC, in the transaction.
KELLER — Santa Ana, Calif.-based Daymark Realty Advisors has secured a $21.4 million bridge loan for the 273-unit Enclave on Golden Triangle, a garden-style multifamily community located at 5001 Golden Triangle Blvd. in Keller. The 6-month loan was originated by Berkadia Commercial Mortgage.
FLOWER MOUND — NorthMarq Capital has arranged $3.9 million in permanent financing for the 30,939-square-foot Towne View Plaza, a shopping center located at 1900 Long Prairie Rd. in Flower Mound. John Stewart and Brock Yaffe of NorthMarq's Denver office arranged the financing through a credit union in Texas.
OKLAHOMA CITY — Birmingham, Ala.-based The Sanders Trust has commenced construction on the $19 million, 50-bed inpatient rehabilitation hospital located in Oklahoma City. Upon completion, the property will be fully leased to Mercy Rehabilitation Hospital, a joint venture between Centerre Healthcare Corp. and Mercy Health System of Oklahoma. Nashville, Tenn.-based Earl Swensson Associates designed the property, Birmingham, Ala.-based Iberia Bank provided the financing and Kansas City, Mo.-based J.E. Dunn is the general contractor. The new hospital is slated for a late 2012 completion.