HOUSTON — Jim Richards of Grandbridge's Houston office has originated and closed a $31.8 million first mortgage loan secured by Camden Heights Apartments, a 352-unit Class A urban multifamily property in Houston. The 7-year acquisition loan features 3 years of interest only and a 30-year amortization, and was funded through Fannie Mae's DUS loan product. Located in Houston's Midtown Heights neighborhood, the five-building property is comprised of one-, two- and three-bedroom units. Amenities include a resort-style swimming pool, a clubhouse, a business center and an athletic club. In addition, Grandbridge Real Estate Capital’s Houston office has originated and closed a $17.95 million first mortgage loan secured by Broadstone Gramercy, a former 224-unit condominium property, which is being converted to Class A multifamily rental property in Houston. The 3-year, interest-only bridge loan was funded through BB&T Real Estate Funding. Located in Houston’s Texas Medical Center district, the property is comprised of two five-story buildings, each featuring 112 units with a blend of one-, two- and three-bedroom units. Charlotte, N.C.-based Grandbridge Real Estate Capital is a subsidiary of BB&T.
DALLAS — Holliday Fenoglio Fowler (HFF) has arranged a refinancing for the Magnolia Hotel, a 29-story, 329-room hotel in Dallas’ central business district. HFF worked exclusively on behalf of borrower, Magnolia Hotels, to secure the 10-year fixed-rate loan through JP Morgan Chase Bank, N.A. Built in 1921, the property served as the headquarters for Mobil Oil’s predecessor, Magnolia Petroleum Co., until 1997 when it was renovated into the Magnolia Hotel. Dan Peek, Travis Anderson and John Bourret of HFF represented the borrower. Denver-based Magnolia Hotels is a privately held hotel management and development company.
BEAUMONT AND PORT ARTHUR — Atlanta-based ARA, a national investment advisory firm focused on the multifamily industry, has arranged the sale of two multifamily communities, The Preserve at Old Dowlen in Beaumont and Normandy Townhomes in Port Arthur. Located at 5350 Old Dowlen Rd. in Beaumont, The Preserve at Old Dowlen was built in 2008 and features 304 units. Meanwhile, Normandy Townhomes is located at 3800 Normandy Ave. in Port Arthur. Built in 1975, it features 143 units. Jeff Patterson and Jon Boone of ARA's Austin office represented the sellers of both assets. An undisclosed Houston-based national investment group sold The Preserve at Old Dowlen, while a private investor, also undisclosed, sold Normandy Townhomes.
THE WOODLANDS — Research Hotel Partners, L.P. has purchased a 4.3-acre site at the intersection of Research Forest Drive and Grogan's Mill Road for the construction of a Hyatt Place Hotel in The Woodlands, a 28,000-acre master-planned community located 27 miles north of downtown Houston. New Horizons Hospitality will develop the hotel, which will include 150 guestrooms and suites along with 6,000 square feet of meeting space. Construction is expected to begin later this year, with the opening planned for mid 2013. Todd Edmonds and Cody Christoph of Colliers International represented The Woodlands Development Company. New Horizons Hospitality also developed and owns the Hilton Garden Inn in The Woodlands Town Center.
ARLINGTON AND TEXARKANA — Hunter Realty has represented the undisclosed sellers of three separate hotel sales, including the Hampton Inn & Suites Dallas/Arlington South in Arlington, the Hampton Inn & Suites Texarkana in Texarkana and the Hampton Inn & Suites Pine Bluff in Pine Bluff, Ark. The aggregated price of the three hotels was $26 million. “These are premium branded properties in 'like-new' condition with an average age under 3 years old, which means they will require minimal product improvement plan investments,” said Teague Hunter, president of Hunter Realty, in a statement.
SUGAR LAND – Dr. John Novak of Colliers International has facilitated three medical office building transactions in Sugar Land. Dentists, Dr. Cashion and Dr. Cody, have purchased 1.24 acres of land in the southeast corner of Sweetwater Boulevard and Highway 59 at 17003 Southwest Fwy. in Sugar Land. The new dental office is scheduled to open late this summer. Planned Community Developers, represented by Don Janssen in house, sold the land. Dr. Novak represented Dr. Cashion and Dr. Cody. Also, Dr. Greg Condrey, a periodontist, has renewed and expanded his office lease to 1,900 square feet in the Imperial Medical Center at 1111 Hwy. 6 in Sugar Land. The landlord, HC Sugar Land, was represented by Tim Gregory of Transwestern, while Dr. Novak represented Dr. Condrey. Finally, Health Carrier Services, a medical staffing company, has leased office space at 1108 Soldier’s Field Ct. in Sugar Land from GPS Properties. Dr. Novak represented both parties in the lease transaction.
HOUSTON – Suhm Spring Works, a manufacturer serving the oil and gas, petrochemical, heavy equipment, nuclear, aerospace and defense industries, has purchased 12.5 acres in the 486-acre Interwood Business Park, located at Beltway 8 and John F. Kennedy Boulevard in Houston. Suhm will consolidate its Houston operations on the site, including its headquarters operation. The company plans a 117,000-square-foot headquarters as well as a primary manufacturing and distribution center on the property, located at the intersection of Heathrow Forest Parkway and FM 525. Construction is set to begin late this year with completion slated for 2012. Phil Arnett of Phil Arnett Commercial Real Estate Services represented Suhm in the transaction. Wolff Cos. sold the land.
WAXAHACIE – Waxahachie Crossing shopping center, located near U.S. routes 287 and 77 in Waxahachie, has traded for $15.5 million. The 96,983-square-foot retail property is anchored by Best Buy, Ross Dress for Less and PetSmart. Built in 2009, its shadow anchors include JCPenney and The Home Depot. Craig Fuller and Scott Wiles of Marcus & Millichap’s Cleveland office and Erin Patton of the firm’s Columbus, Ohio office brokered the transaction. Jason Vitorino of the firm’s Dallas office also provided representation.
HOUSTON — Moran Shipping Agencies, a ship husbandry services company, has broken ground on its new three-story, 25,000-square-foot build-to-suit office building along Ronan Road in the Greenspoint district of Houston. Moran Shipping was founded in Rhode Island in 1937 and opened its Houston office in 1974. Levinson Alcoser Associates is serving as the project architect, while SpawMaxwell is serving as the general contractor.
DALLAS — McCallum Meadows, a 297-unit multifamily property located at 7760 McCallum Blvd. in Dallas, has traded. Built in 1988, McCallum Meadows includes 11 studio units, 283 one-bedrooms units and three two-bedroom units. Peter Hartnett and George Deuillet III of Hendricks & Partners represented the seller, Newport News, Va.-based Texas McCallum Meadows Partners Ltd. Saratoga, Calif.-based MMeadows Apts LLC purchased the property.