HOUSTON — Brandon Brown of LMI Capital has arranged $8 million in debt for the refinancing of Palms at Kirkwood, a 256-unit multifamily community located at 11710 Briar Forest Dr. in Houston. On behalf of the borrower, Brown secured a 7-year, non-recourse loan through one of LMI Capital's Fannie Mae lending sources. Additionally, Brown arranged $2.85 million in debt for the acquisition of Fairfield Cove, a 135-unit multifamily community located at 15615 Blue Ash Dr. in Houston. Brown secured a 3-year, bridge loan with a 1-year option for the borrower. The floating rate loan features a 12-month, interest-only period and a floor rate of 4 percent.
SUGAR LAND — Cabot Properties is welcoming two new tenants to its Sugar Land Business Center. Solarcraft, represented by Bo Petit and David Munson of Boyd Commercial, signed a 36,537-square-foot lease and Amran, represented by Steve King of CB Richard Ellis (CBRE), signed a 14,951-square-foot lease at the 171,240-square-foot Class A office/flex property within Sugar Land Business Park. Brian Gammill, Darryl Noon and Jacob Carr of Transwestern's Houston headquarters represented Cabot Properties in the two leasing transactions. Solarcraft designs and constructs solar and backup power systems, patented enclosures, mobile power systems, and custom design and power integration services. Meanwhile, Amran designs, engineers and manufactures low and medium voltage instrument transformer products. Sugar Land Business Park is a 902-acre, deed-restricted business park located near the intersection of U.S. Highway 59 and Highway 90-A in Sugar Land.
DALLAS — CB Richard Ellis (CBRE) has appointed Michael Caffey as senior managing director and Dallas-Fort Worth market leader. In that role, he will be responsible for overseeing all business lines for CBRE in the North Texas market area as well as the company's Oklahoma affiliate operations. Caffey was previously a managing director in CBRE's Dallas office and was responsible for creating and implementing the business strategies for CBRE's occupier services enterprises for all major asset classes throughout the Dallas-Fort Worth market.
DALLAS AND FORT WORTH — BMC Capital has originated two loans totaling $3.9 million for the refinancing of New World Apartments, a 150-unit multifamily property at 11434 Woodmeadow Pkwy. in Dallas, and Wedgewood Apartments, a 118-unit multifamily property at 2819 Walton Ave. in Fort Worth. Both loans feature 5-year, fixed rates at approximately 5.6 percent on a 30-year amortization schedule. The two properties are owned by the same entity, which was unlisted. BMC Capital is a lender of small-balance multifamily loans in Texas and the U.S.
PLANO — Madison Title Agency, a full-service, nationwide title agency affiliated with Madison Commercial Real Estate Services, has named Brian Irwin as its new director of Texas operations in Plano. Irwin is in charge of managing and expanding Madison's client portfolio in Texas and will be launching new marketing and management solutions for commercial and residential settlement/escrow services and title underwriting. Previously, he served as vice president of national commercial services for Republic Title of Texas, a wholly owned subsidiary of First American Title Insurance Co.
HOUSTON — Research Forest Lakeside's Building 2, a three-story, 68,000-square-foot speculative office building located on the west side of Lake Woodlands between Lake Woodlands Drive and Research Forest Drive in Houston, is expected to break ground on February 10. Slated for delivery in the fourth quarter of 2011, Building 2 is the first phase of Colorado Springs, Colo.-based Warmack Investment's 76-acre, 1.8 million-square-foot, master-planned development. Research Forest Lakeside will be comprised of ten office buildings and supporting retail. Ziegler Cooper Architects and Odell Associates (ZC+O) is serving as the project architect for Building 2.
HOUSTON — Holliday Fenoglio Fowler (HFF) has closed the sale of Coral Gables Apartments, a 318-unit multifamily community located at 10522 Beechnut St. in southwest Houston. Houston-based CG Properties purchased the apartments for an undisclosed amount and was represented by David Fantin and Heidi Castiglione of LS Realty Advisors. HFF marketed the foreclosed property on behalf of the seller.
CORPUS CHRISTI — Jones Development Co. is building a 46,253-square-foot distribution center on behalf of FedEx Corp., located at 246 Glasson Dr. in Corpus Christi. The Dallas office of Cadence McShane is completing the general contracting work on the industrial property. Scheduled to be completed in May, the new distribution center will offer 4,200 square feet of office space in addition to 11 external doors and two drive-in doors. Cadence McShane has received numerous assignments on behalf of Jones Development Co. to construct FedEx facilities throughout the country.
ALLEN — New York-based MidCap Advisors, a mergers and acquisition firm, has opened a new Dallas-Fort Worth office that is led by David Gladden, who joined MidCap Advisors as managing director and also leads the company's corporate development group. Gladden brings more than 28 years of experience in corporate development and mergers and acquisitions to the position. He previously served International Paper and GAF-Elk Corp., holding senior positions in finance, corporate development, sales, marketing and management. At MidCap Advisors, Gladden assists mid-size companies and corporate divisions develop and execute acquisition and divestiture strategies. The new office is located at 1219 Comanche Dr. in the suburb of Allen.
IRVING — Nissan Motor Acceptance Corp. has signed a long-term lease for 225,049 square feet of office space at 8900 Freeport Pkwy. in Irving. Built in 2003, 8900 Freeport is a three-story, 268,445-square-foot office building located in DFW Freeport, a master-planned office and industrial complex, fronting Highway 635. Chris Taylor of CAPSTAR Commercial Real Estate Services represented the landlord, Lexington TNI Irving L.P., an affiliate of Lexington Realty Trust. Ann Huntington, Dennis Barnes and William Callahan of CB Richard Ellis represented Nissan.