MANSFIELD — Arch-Con Construction has recently broke ground on a 12,000-square-foot multi-tenant retail center at Hwy. 287 at FM 157 in Mansfield for Pittsburgh-based Kossman Development Co. The retail center is part of a planned 400,000-square-foot retail development. The retail center is slated to be finished in December.
AUSTIN — Berkadia Commercial Mortgage originated $19.89 million in construction financing through its HUD/FHA program for Lotus Village Apartments, a 222-unit apartment community that will be located at 300 Ferguson Dr. in Austin. The community will consist of 10 three- or four-story buildings with an average 922 square feet per unit. Berkadia’s Steve Mentesana and Tim Nunan originated the 4.4 percent fixed interest loan on a 40-year term with a 40-year amortization schedule.
DALLAS — Elm Place, a 1,293,586-square-foot office property at 1401 Elm St. in downtown Dallas, has been sold. David Glasscock of Colliers International represented the owners of both the 43-story, 864,702-square-foot tower, SCI ROEV, and the owner of the lower nine stories comprising 428,884 square feet, LNR Partners. The buyers are investors from Eastern Europe. The 52-story building used to house First National Bank, but has been vacant since 2010 because of the recession.
AUSTIN — A newly formed joint venture between Brennan Investment Group and TriGate Capital has acquired a 137,635-square-foot industrial portfolio in Austin, marking the joint venture’s first acquisition. Transwestern’s Luke Wheeler and Hale Umsted represented the seller, Unum Group, and CB Richard Ellis’ John Barksdale and Greg Marberry represented the joint venture. The portfolio includes three buildings in three separate submarkets of Austin that are currently 76 percent occupied by 11 tenants. The joint venture received acquisition financing from Aetna, Inc. and they plan to make capital improvements to the facility in the near future.
SAN ANTONIO — CB Richard Ellis has arranged the loan refinance of Promontory Pointe, a 596-unit apartment community located at 4114 Medical Dr. in San Antonio. CBRE’s Charles Foschini, Christian Lee, Tracy Kennedy and Christopher Apone arranged the financing through Freddie Mac on behalf of Advenir@Promontory, LLC, which owns Promontory Pointe. The loan has a 10-year term with an extended interest-only financing period at 80 percent loan-to-value. The apartment community was built in 1995 and features two swimming pools and two tennis courts.
HOUSTON — LMI Capital has arranged $38 million in acquisition financing for nine apartment communities totaling 2,364 units in Houston. The loans were a mix of bridge and permanent funding through nine different lenders, including Fannie Mae. LMI Capital’s Jamie Mullin and Brandon Brown arranged the financing for the properties, including Applewood Townhomes, Bellestone Villas, Colony Oaks, Indigo Falls, Madison Bear Creek, Palm Bluffs, Trails of Woodlake, Water Mill and Westheimer Terrace.
ARLINGTON — An affiliate of Southside Financial Group, a subsidiary of Southside Bank, has acquired a 19,475-square-foot office building at 700 W. Arkansas Ln. in Arlington. The one-story office building sits on a 5-acre parcel. Chase Bank occupies 9,617 square feet, and Southside Financial plans to occupy the remaining 9,858 square feet. SCM Real Estate Services’ Gary Walker and Renee Efimoff represented Southside, and CB Richard Ellis’ Bryan Graham represented the seller.
HOUSTON — AF Westchase LLC, a joint venture between Adler Real Estate Fund and TriGate Capital, has purchased Westchase Corporate Park, a 177,000-square-foot flex park consisting of 13 buildings at 11201-11331 Richmond Ave. in Houston, for $9.8 million from PS Business Parks. Westchase Corporate Park is 85 percent occupied with tenants like Honeywell, Western Geophysical, Men’s Wearhouse, MI Swaco, BMC Software, American Express, GE Capital and JP Morgan Chase. CB Richard Ellis brokered the sale on behalf of PS Business Parks. Miami-based Adler Group manages AF Westchase.
KILLEEN — NorthMarq Capital has arranged $14.5 million in first mortgage financing for two hotel properties in Killeen — a Holiday Inn and the Candlewood Suites of Killeen — totaling 170 rooms. Dhaliwal Enterprises borrowed the money based on a 5-year term with a 25-year amortization schedule. Rup Patel of NorthMarq’s Chicago office arranged the financing through NorthMarq’s relationship with a CMBS lender.
FORT WORTH — Touchstone Wireless Repair and Logistics has signed an 85,002-square-foot lease expansion at 4500 Cambridge Rd. in Fort Worth, bringing the company’s total square footage to 216,300 square feet at the site. John Brewer and Steve Koldyke of CB Richard Ellis represented the landlord, TIAA-CREF, and Jones Lang LaSalle’s Dave Richards, Michael Corr, Nathan Orbin, Denice Michel and Ben Phillips represented Touchstone.