DALLAS — Dallas-based Rafkin Lending has begun operations with a $25 million commitment to fund real estate loans in Texas. The firm is focused on financing warehouses, office buildings, retail properties, apartments and land in the Dallas/Fort Worth, Houston and Austin markets. It also aims to finance speculative or turnaround real estate projects in Texas. Individual loans range from $1 million to $10 million with terms of 1 to 3 years. Bill Rafkin, founder of Rafkin Lending, has 27 years of experience in the commercial real estate market, beginning his career with Trammell Crow Co. in Dallas.
Texas
LUBBOCK — Texas Tech University has broken ground on a $45 million, 178,000-square-foot residence hall designed by BOKA Powell LLC. The new student housing project will be completed in fall 2012 and is in response to Texas Tech's growing number of students. It will house 516 students in private bedrooms and shared living areas. In addition, a two-story, 22,000-square-foot dining hall, three exterior courtyards and new parking lots are planned. BOKA Powell and Austin Commercial have been selected by Texas Tech, which is striving for 40,000 students by 2020, to lead this design-build project.
PASADENA — Jacobson Warehouse Co. has signed a 436,410-square-foot industrial lease at Interport Distribution Center — Building Two, located at 13031 Bay Area Blvd. in Pasadena. Located in the southeast submarket serving the Port of Houston's container terminals, the Interport facility is equidistant from Barbours Cut Container Terminal and Bayport Container Terminal. John Talhelm, Will Swanson and Kevin Erck of Jones Lang LaSalle represented the landlord, FR/CAL Interport, LP, a property owned by the California State Teachers Retirement System (CalSTRS). Principal Real Estate Investors is the advisor to CalSTRS for the property with Sealy & Co. acting as the property manager. CB Richard Ellis (CBRE) represented Jacobson Warehouse Co. in the transaction.
HOUSTON — Cadence McShane Construction Co. will renovate Lee High School, located at 6529 Beverly Hill Ln. in Houston, and Ed White Elementary School, located at 9001 Triola Ln. in Houston, on behalf of the Houston Independent School District (ISD). Both school assignments will include selective demolition, window replacement, HVAC upgrades, hazardous material abatement and ADA upgrades through classroom, administrative and restroom areas of each single-story facility. Cadence McShane will also complete extensive site improvements at both locations. Smith & Co. Architects is providing the architectural services for the renovation assignments. Both projects will be completed in August.
DALLAS — Cannon Commercial has acquired One Hillcrest Green, a 106,387-square-foot office building in north Dallas from 12700 Hillcrest Partners. Gary Carr, Russell Ingrum, Jack Fraker, Josh McArtor and Eric Mackey of CB Richard Ellis' Capital Markets team represented the seller.
IRVING — Union Standard Insurance Group (USIG) has signed a lease for 56,000 square feet of office space in Urban Towers, located at 222 W. Las Colinas Blvd. in Irving. USIG is a member company of W.R. Berkley Corp., an insurance holding company that is among the largest commercial lines writers in the U.S. The new lease represents a relocation and expansion of USIG's current space at 122 W. Carpenter Fwy. in Irving. Mike Gosslee, Bob Edge, Matt Heidelbaugh, Mari Jones and Gary Collett of Cushman & Wakefield of Texas represented USIG in the site search and lease negotiations. Billy Lokey and John Fancher of CB Richard Ellis negotiated on behalf of the building owner, S.P. Millennium Center, L.P. Cushman & Wakefield's project management group, led by Meg Hardin, will oversee construction of the new space, and move-in is scheduled for the fourth quarter of 2011. USIG will occupy the entire 13th floor and a portion of the 14th floor of Urban Towers.
FORT WORTH — Ridgemont Apartments, a 60-unit multifamily property located at 2409 Ridgmar Plaza in Fort Worth, has sold. Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer and the seller. The property was built in 1964 and includes one- and two-bedroom units, ranging from 835 to 1,196 square feet in size.
LEWISVILLE — Alliance Communities has broken ground on a 363-unit Class A garden-style multifamily community at the corner of West Round Grove Road and Valley Parkway in Lewisville. Completion is set for December 2012. Named Broadstone Valley Parkway, the community will feature three-story, wood-frame construction with attached garages, and units will average 948 square feet.
AUSTIN — Villas of Quail Creek, a 172-unit apartment property located at 9036 N. Lamar Blvd. in Austin, has sold to a fund manager secured by Kent Myers and Joe James of Marcus & Millichap's Austin office. Myers and James also represented the seller, a private partnership, in the transaction. Villas of Quail Creek was built in 1983 and consists of 14 contiguous one- and two-story buildings situated on 15.1 acres. Pete Dunn of Marcus & Millichap Capital Corp. provided the financing.
FORT WORTH — Mail Presort has expanded into a 50,000-square-foot lease at 3401 Quorum Dr. in Fort Worth. Todd Hubbard of NAI Robert Lynn's Fort Worth office represented Mail Presort in the deal with Mercantile Partners. Mail Presort originally moved into a 30,000-square-foot space last year, but has grown by more than 24 percent, and now processes an average of 1 million pieces of mail per day.