KERRVILLE — The Cirrus Group, a healthcare development company, and its development partner McFarlin Group have begun construction on River Point of Kerrville Assisted Living and Memory Care, a senior living community located on Bandera Highway in Kerrville. Upon completion in spring 2012, the property will offer 33 assisted living units and 20 memory care units built on a site with views of the Guadalupe River. The Cirrus Group has developed multiple healthcare properties across the nation with McFarlin Group, including Orchard Park of McKinney in McKinney, Texas.
Texas
DALLAS — CB Richard Ellis Capital Markets has arranged acquisition financing in the amount of $4.5 million for Sycamore Tree Apartments, a multifamily community totaling 96 units at 5051 Lahoma St. in Dallas. The financing was arranged through C-III Commercial Mortgage and terms of the floating rate include a 2-year term, interest only and 85 percent loan to cost. Charles Foschini, Christopher Apone and Christian Lee of CBRE's Debt & Equity Finance and Institutional Group in Miami arranged the financing on behalf of Advenir Inc., a South Florida-based provider of multifamily real estate investment and management services.
SAN ANTONIO — Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin, Inc., has sold Arbor Park Shopping Center, a 139,500-square-foot retail center in San Antonio for $22.5 million to an undisclosed buyer. Arbor Park Shopping Center is located at the southeast corner of U.S. Highway 281 North and Henderson Pass, and includes tenants Ross Dress For Less, Office Max, Sun Harvest Farms and Michaels. A&B Properties purchased the retail property in 1998 for $16 million upon completion of its construction.
DALLAS — McCallum Crossing, a 322-unit multifamily complex located at 7720 McCallum Blvd. in Dallas, has been sold by Newport News, Va.-based Texas McCallum Crossing Partners, Ltd., to Saratoga, Calif.-based MMeadows Crossing LLC for an undisclosed price. The garden-style property features 306 one-bedroom units and 16 two-bedroom units and was built in 1985. Peter Hartnett of Hendricks & Partners' Dallas office and George Deuillet III of its Austin office represented the seller.
HOUSTON — Grapevine-based SQN Realty Finance, LLC, a real estate investment firm formed this past March, has completed its first equity investment in a lender-owned multifamily property called Applewood Village in Houston. The property includes 92 units and is located at 15455 Ella Blvd., less than one-half mile from Interstate 45. It was foreclosed on in 2010 and was being operated by a management company hired by the special servicer. SQN Realty Finance has plans for minor renovations to the property during the next 6 months. Houston-based Mosaic Residential has taken over the management of the property, while AHC Construction, a Houston-based contractor, is performing the renovations. SQN Realty Finance is a subsidiary of New York-based SQN Capital Partners, an alternative investment management firm specializing in direct investments in hard assets. It invests in various property types with a concentration in the major Texas markets and a secondary focus on major markets in the Southwest.
HOUSTON — Turner Construction has broken ground on two new Houston Independent School District (ISD) campuses. Construction of Carnegie Vanguard High School began in May, while construction got underway for Lockhart Turner Elementary School this month. The 98,000-square-foot Carnegie Vanguard High School will serve 600 gifted students in grades 9 through 12. Carnegie is the only high school in the Houston ISD Vanguard program exclusively dedicated to students gifted in academics. Located at 1051 Taft, the new high school sits on the site of the former Carnegie Elementary School that was built in 1963. RdlR Architects provided design services for the project. Meanwhile, Lockhart Turner Elementary School is an 84,500-square-foot replacement school serving 750 early childhood through grade 5 students. The project consolidates students from both Lockhart and Turner elementary schools. HarrisonKornberg Architects provided design services for this project, which is scheduled for completion in April 2012. Both projects are seeking LEED certification through the U.S. Green Building Council.
TEXAS — Charlotte, N.C.-based Grandbridge Real Estate Capital has been given approval by Freddie Mac to originate loans in Texas under its Multifamily Program Plus Seller/Servicer network. Approved for specific geographic areas, Freddie Mac's Program Plus Seller/Servicer network is a highly selective group of 25 experienced multifamily lenders across the nation that meet Freddie Mac's standards for both the origination and servicing of multifamily loans. Grandbridge is a subsidiary of Winston Salem, N.C.-based Branch Banking and Trust Co. (BB&T) and has an investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding.
HOUSTON — The 99,727-square-foot Stella Link Center, anchored by Conn's, Citi Trends and O'Reilly's Auto Parts at 91117-9335 Stella Link Dr. in Houston, has sold for $6.8 million. Cincinnati-based Phillips Edison & Co. sold the retail property to Houston-based Festival Properties. Situated on 7.5 acres, the original building was built in 1960 and an additional building was added in 1978. Eric Wohl and Edward Hanley of Hanley Investment Group Real Estate Advisors represented the seller, while Marvin Stapper of M.M. Stapper Co. represented the buyer.
ROUND ROCK — The Wyoming Springs Assisted Living and Memory Care facility, located at 7230 Wyoming Springs Dr. in Round Rock, has broken ground. The 90,000-square-foot senior community will feature 102 assisted living units, 32 of which will be dedicated to memory care residents. Amenities will include stainless steel refrigerators and microwaves, walk-in closets and emergency call systems in each unit. Austin-based TRISUN Healthcare and Prevarian Senior Living are developing the property.
HOUSTON — John Janik, dba Electronic Power Design, has purchased 15200 Interstate 45 North, a 254,000-square-foot office/warehouse building situated on 19.3 acres in north Houston. Bill Rudolf and Gray Gilbert of CB Richard Ellis represented the seller, W.P. Carey & Co., LLC. Don Haley of Haley Martin Associates and Jack Butera of Butera Properties represented Electronic Power Design.