SAN ANTONIO — Northmarq has arranged the sale of RiverBend Apartments, a 200-unit multifamily complex in San Antonio. Built in 1984 and recently renovated, the property offers studio, one- and two-bedroom units and amenities such as two pools, a playground, clubhouse, basketball court and outdoor picnic areas. Regional Investment & Management sold the asset to Two Ten Management for an undisclosed price. Moses Siller, Zar Haro, Phil Grafe, Bryan VanCura and Brian Booth of Northmarq represented both parties in the deal.
HOUSTON — Partners Real Estate has negotiated a 5,000-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the property at 12826 Hempstead Road was built in 1979, totals 20,077 square feet and offers four dock doors and two drive-in bays. Devin Hawkins of Partners represented the tenant, Choice Botanicals Inc., in the lease negotiations. Mickey Brown of Bernell & Associates represented the landlord, an entity doing business as RB Warehouses 290.
Parkway Construction has broken ground on a 70,000-square-foot venue for Austin-based High 5 Entertainment in Allen, located on the northeastern outskirts of Dallas. The venue is located within The Farm in Allen, a 135-acre mixed-use development. The entertainment center will feature a landscaped miniature golf course, a 24-lane bowling alley, two-story laser tag arena, axe throwing arena, escape rooms and a scratch kitchen with a full bar. Completion is slated for next spring. JaRyCo is the master developer of The Farm in Allen.
CARROLLTON, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of an unnamed, 62-unit assisted living and memory care complex in Carrollton, a northern suburb of Dallas. The property totals approximately 40,000 square feet and sits on a 3.6-acre plot. The seller was a private equity group. The Dallas-based buyer was a private investment group that partnered with a local operator. Both parties requested anonymity. Matthew Alley and Jeff Binder of SLIB brokered the deal.
BOSTON — Boston-based lender UC Funds has provided an $11 million acquisition loan for a portfolio of four West Texas workforce housing properties totaling 275 units. The properties — Winwood Village of Amarillo, Casa Orlando, Plains Village and Winwood Village of Plainview — are located in Amarillo, Lubbock and Plainview. The loan carried a floating interest rate. The borrower was not disclosed.
HOUSTON — Partners Real Estate has arranged a 15,600-square-foot industrial lease in Houston. According to LoopNet Inc., the single-tenant property at 14720 Vickery Drive was built in 2012 and offers 28-foot clear heights. Clint Hankla of Partners represented the landlord, a family office, in the lease negotiations. Nick Bergmann of CBRE represented the tenant, U.S. Foods.
FARMERS BRANCH, TEXAS — AlarMax Distributors Inc., a provider of home security products, has signed an 11,430-square-foot industrial lease in the northern Dallas metro of Farmers Branch. The building at 11431 Ferrell Drive totals 33,140 square feet, and the space includes a 3,000-square-foot showroom. Andrew Gilbert and Keaton Brice of Holt Lunsford Commercial represented the landlord in the lease negotiations. Kyle Espie and Brian Pafford of Bradford Commercial Real Estate Services represented the tenant.
For real estate investors who have an acquisition teed up or who need to refinance, the prospects of finding debt today are arguably the bleakest they have been since the financial crisis 15 years ago. Higher interest rates and concerns over growing distress convinced banks and other lenders to move to the sidelines several months ago, thwarting commercial real estate investment sales. In turn, that is fueling broad uncertainty over what properties are really worth, which only begets more unease among banks. But private debt funds, which typically provide short-term rate bridge loans, are more likely to make deals when banks will not, says Jeff Salladin, a managing director with Dallas-based debt fund Revere Capital. That’s because debt funds like Revere raise capital from sophisticated investors to fund their loans, he says, while banks rely on deposits. That subjects banks to stringent regulatory oversight, which is especially intense in today’s debt climate. “All investors dislike uncertainty, and banks are investors by another definition,” states Salladin, who oversees real estate lending for Revere. “As a result, we could be in the first inning of a golden era for debt funds like ourselves, because we’re more flexible in way banks can’t be.” …
HOUSTON — MetroNational has completed the $25 million renovation of Memorial City Plazas, a 1 million-square-foot office development in Houston’s Memorial City district. Memorial City Plazas comprises three buildings that rise 12, 14 and 18 stories. The renovation delivered upgraded amenity spaces, including the campus’ fitness center and conference room, and the addition of a new outdoor dining and meeting space. MetroNational also upgraded the touchless technology features, security systems and skywalks that connect the three buildings. Ziegler Cooper served as the project architect. E.E. Reed Construction and O’Donnell/Snider Construction served as the general contractors.
DESOTO, TEXAS — Holt Lunsford Commercial Investments (HLCI) has delivered Stoneridge at Hampton Road, a 421,890-square-foot industrial project in Desoto, a southern suburb of Dallas. The freestanding, cross-dock facility features 36-foot clear heights, 93 dock positions, 185-foot truck court depths, 83 trailer parking stalls and 3,463 square feet of office space. Affiliate firm Holt Lunsford Commercial is also the leasing agent for the project.