CARROLLTON, TEXAS — Arbor Commercial Funding has secured $3.2 million in Fannie Mae DUS financing for Marsh Highland Apartments, a 102-unit multifamily community located in Carrollton. The loan carries a 10-year term, a 30-year amortization schedule and a 5.54 percent interest rate. John Edwards of Arbor's Boston office originated the loan on behalf of the undisclosed borrower.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the $120 million recapitalization of the W Hotel & Residences currently under construction in Austin. HFF's Whitaker Johnson arranged the new 5-year construction loan, which was originated by CLG Hedge Fund, an affiliate of Beal Bank Nevada. The loan replaces the original $165 million construction loan that was financed by now-defunct Corus Bank. As part of the recapitalization, the project's owners, Stratus Properties and Canyon-Johnson Urban Fund, will contribute $45 million in equity. The W Hotel & Residences is slated for completion in December 2010. Plans call for a 252-room W Hotel, 159 residential units on the tower's upper floors, approximately 54,000 square feet of retail and office space, an entertainment venue operated by Live Nation and a new studio for KLRU-TV's “Austin City Limits” television show.
FLORESVILLE, TEXAS — Marcus & Millichap has brokered the sale of Floresville, Medical Office Building, a 20,000-square-foot healthcare property located in Floresville. The building was constructed in 2005 and is situated at 497 Tenth St. Tanner McGraw of Marcus & Millichap's Houston office represented the seller, a Texas-based developer, and the buyer, a Texas limited liability company.
HOUSTON — Houston-based Holt Lunsford Commercial has arranged the sale of a 22,000-square-foot office/warehouse flex property located in Houston. The building is situated on 1 acre at 3616 Pinemont Drive/ Clay Pritchett and Troy Collins of Holt Lunsford represented the seller, Kevlor Management. The buyer, Howell Adkins, did not utilize outside representation. The acquisition price was not disclosed.
HOUSTON — Lone Star College System (LSCS) has selected the Houston office of Cadence McShane Construction Co. to complete the build-out of its new campus. LSCS recently acquired the former Hewlett Packard office campus, a five-building, 1.2 million-square-foot property that is located at 20515 State Highway 249 in Houston, and plans to use it as a new campus. The school plans to use it as its new consolidate Houston campus. Construction will include extensive renovations to the building interiors, envelopes, core and shell, parking deck and immediate grounds. Once the project is complete, which is expected in June 2010, LSCS will relocate several departments from its existing administrative offices in The Woodlands, Texas, as well as its Williow Chase Center operations in Houston. The project architects are Kirksey Architecture and VLK Architects.
FORT WORTH, TEXAS — Lee & Associates has completed the lease of 138,500 square feet of industrial space at 6401 Will Rogers Blvd. in Fort Worth. The tenant is Core-Mark International, a marketer of supply solutions for the convenience retail industry. Trey Fricke of Lee & Associates' Dallas/Fort Worth office, along with Clif Fincher of the firm's Orange County, Calif., office, represented Core-Mark in lease negotiations. Bob Scully of CB Richard Ellis represented the landlord, Madison Warehouse Corp.
DENTON, TEXAS — A new Best Western Atrea has opened near downtown Denton. Situated in the Interstate 35 East Corridor, the 74-room hotel is the fourth hotel for the new concept, which caters to business travelers. The hotel includes 1,800 square feet of meeting space ranging from board rooms to the 100-person Atrea Hall. Other amenities include a cocktail lounge, a media center, a business center, a fitness center, a convenience store, and an outdoor pool and spa. The hotel is owned by Charles Helm, who also serves on the board of directors for Best Western International, and his wife, Sharon.
SAN ANTONIO — Construction has started for a new 88-bed patient tower at San Antonio Military Medical Center (SAMMC) at Fort Sam Houston in San Antonio. The tower is part of Phase I of the $556 million SAMMC project, which will consolidate Brooke Army Medical Center at Fort Sam Houston and Wilford Hall Medical Center at Lackland Air Force Base, also located in San Antonio. SAMMC, which will have North and South campuses, will consist of renovations to the existing Brooke Army Medical Center, a new parking structure and a new central energy plant. The project, which was designed by RTKL to LEED-Silver specifications, will total 1.1 million square feet upon completion. The general contractor is a partnership between Clark Construction Group and Hunt Construction Group. Phase I completion is slated for fall 2011.
SAN ANTONIO — San Antonio-based USAA Real Estate Co. has acquired an 80 percent interest in the Regency Retail Portfolio, which consists of eight grocery-anchored retail centers totaling 813,193 square feet. The properties are located in major markets across the country, including Los Angeles, San Francisco, Houston, Dallas/Fort Worth, Atlanta, Orlando, Fla., and Raleigh/Durham, N.C. At the time of closing, the portfolio was 94 percent leased to tenants that include Kroger, Safeway, Publix, the United States Postal Service, CVS/pharmacy, Hallmark Gold Crown and Subway. The other stakeholder in the portfolio, Regency Centers Corp., will retain a 20 percent interest in the portfolio.
HOUSTON — Hendricks & Partners (H&P) has completed the sale of Chateau Village, a 150-unit apartment community located at 3815 Fuqua St. in Houston. Chateau Village is a HUD/HAP property and is the last of a three-property portfolio to sell. The buyer, Plymouth, Minn.-based Houston Leased Housing Associates I LP, received Section 142 Low-Income Housing Tax Credits as well as a grant from the City of Houston, and it plans to apply the funds toward the purchase of the property and its rehabilitation. Kevin McCarthy and Jeff Eisenhardt of H&P's Houston office represented the seller, Keswick, Va.-based Commercial Partners Exchange dba Chateau Village Apartments, Ltd. The acquisition price was not disclosed.