DALLAS — The Hilton Dallas/Park Cities, a 224-room, full-service hotel located at 5954 Luther Ln. in Dallas, has changed hands. Apple Nine Hospitality Ownership purchased the hotel for an undisclosed amount. Originally built in 2001, the property was renovated in 2010 and features 5,000 square feet of meeting space, a full-service restaurant and bar, a 24-hour fitness center, an outdoor swimming pool and a club lounge. John Bourret, Whitaker Johnson and Dan Peek of HFF represented the unlisted seller.
Texas
IRVING — Stephen Whitehead of NorthMarq Capital's Dallas regional office has arranged first mortgage financing of $5.3 million for a 120-room Fairfield Inn and Suites located at 4120 W. Airport Freeway in Irving. Financing was based on a 20-year term and a 20-year amortization schedule with 1-year interest only and was arranged for the borrower, Savoy Hospitality, through NorthMarq's relationship with Prosperity Bank.
FORT WORTH — Capmark Bank, represented by Lamont Rattler and David Ellis of Cushman & Wakefield of Texas, has sold Cumberland on Granbury, a 282-unit Class A apartment community in Fort Worth, to S&H Realty Management, LLP. The multifamily property is located at 6850 Granbury Rd. near Hulen Street in southwest Fort Worth. S&H Realty Management is an out-of-state private buyer that owns and manages several multifamily assets in Tarrant County, Texas.
FRISCO — Forest City Development and its partner, Ernest Mahard Jr., is planning to develop a 320-acre mixed-use development on the southwest corner of the Dallas North Tollway and U.S. Highway 380 in Frisco. Bounded by Virginia Parkway and County Road 26, the development will encompass retail, residential, office, entertainment, hospitality, and municipal parks and services. Currently, the City of Frisco has executed a Memorandum of Understanding with Forest City Development and Ernest Mahard Jr. for the development. Specific plans will come at a later date.
AUSTIN — Stream Realty Partners — Austin, L.P., a full-service real estate investment, development and services company, has purchased Plaza 35 from a special servicer. Located in the north Austin submarket, the office property is situated close to Interstate 35 and Parmer Lane at 12234 N. I-35 and is 35 percent leased. HFF brokered the sale.
HOUSTON — Deutsche Bank Berkshire Mortgage (DBBM) has provided a $31.4 million Fannie Mae loan for the acquisition of Domain at Kirby, a 293-unit Class A multifamily community in Houston. Located at 1333 Old Spanish Tr., Domain at Kirby was built in 2009 and achieved more than 90 percent occupancy within 18 months. Amenities include 10-foot ceilings, stainless appliances, tiled backsplash, granite countertops, walk-in closets and a gated community entry. Principal Real Estate Investors purchased the property through a presale obligation with the developer.
SAN ANTONIO — The NRP Group LLC, in partnership with Balfour Beatty Capital and Alamo Colleges, will construct a $30 million mixed-use development featuring 215 student housing units, a 1,000-car parking garage and 27,000 square feet of commercial lease space in downtown San Antonio. Student housing units will be available in one-, two- and four-bedroom options. The NRP Group and Balfour Beatty Capital coordinated with the Tobin Hill Neighborhood Association, Campus Advantage Inc., and area businesses to tailor the development.
SAN MARCOS — Heery International, as a design consultant partner with the architecture firm O'Connell Robertson, has been chosen to design an expansion of Texas State University's football stadium. The 97,000-square-foot expansion of Bobcat Stadium's north end zone will add 13,400 seats, new visitor and official locker rooms, and a kitchen and storage area. The expanded stadium is scheduled to open for the 2012 football season.
FRISCO — Wells Core Office Income REIT has acquired Duke Bridges I and II, two Class A office buildings in Frisco that are fully leased to T-Mobile West Corp. and EFA Processing. Built in 2006, the buildings contain 284,198 square feet and are located on Warren Parkway. Norcross, Ga.-based Wells was represented internally by Keith Willby.
CINCO RANCH — Grandbridge Real Estate Capital's Houston office has closed a $5.3 million first mortgage loan for a 22,400-square-foot retail center in Cinco Ranch, near Katy. The property is 100 percent leased to tenants such as First Community Bank, FedEx Kinko's, Mooyah Burgers & Fries and Potbelly Sandwich. The loan was secured by Arcadia and funded through Grandbridge's CMBS relationship with Morgan Stanley. The non-recourse, fixed-rate loan features a 10-year term and a 25-year amortization and a 75 percent loan-to-value rate. The retail property is owned by HRC Partners Ranch, Ltd., and Excel Commercial Real Estate and New Regional Planning partnership.