GALVESTON, TEXAS — Capmark Finance has arranged $3.8 million in floating-rate financing for the acquisition of The Oceanfront Loft Apartments, a 102-unit multifamily community located in Galveston. Situated on approximately 3 acres of waterfront property at 7820 Seawall Blvd., the community consists of three four-story buildings, with three floors of residential units over a concrete podium parking deck. Amenities include a swimming pool, a spa, a fitness center, and volleyball and tennis courts. Brant Smith and Andy Hill of Capmark’s Houston office originated the non-recourse loan. Terms of the financing include an adjustable interest rate, a 7-year term with the first 2 years interest only, followed by a 30-year amortization schedule. The borrower was Seaside Point Partners LLC. Capmark arranged the loan with Freddie Mac through the lender’s Capped ARM program.
HOUSTON — Houston-based REITs Weingarten Realty Investors and Hines Real Estate Investment Trust, Inc. (Hines REIT) have formed a $271 million joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a portfolio of 12 supermarket-anchored shopping centers owned by Weingarten. The transaction will close on multiple dates. The first closing, comprising eight of the shopping centers and totaling approximately $205 million, occurred on November 13. The portfolio, which is more than 96 percent leased, totals 1.5 million square feet. The shopping centers are located in Texas, Georgia, Tennessee, Florida and North Carolina. Their trade areas have average populations exceeding 100,000 people and average household incomes of more than $80,000. The shopping centers are anchored by supermarkets tenants that include Kroger, Randall’s (Safeway), H-E-B, Publix, BJ’s Wholesale and Harris Teeter. Other anchors at the properties include Marshall’s, Barnes & Noble, Palais Royal and Stein Mart. “We announced in 2006 an effort to further our joint venture program,” says Gary Greenberg, senior vice president, capital markets, for Weingarten Realty Investors. “This is a continuation of that program, and it will bring us close to $2 billion in transactions since 2006.” The joint venture has a …
MANSFIELD, TEXAS — The Dallas office of RTKL is designing a $34 million, two-phase expansion of Methodist Mansfield Medical Center in Mansfield. Designed by RTKL and opened in 2006, the hospital was constructed with future expansion in mind. The first phase of expansion will comprise the creation of a 36-bed medical/surgical unit on the fourth floor of the patient tower and the finishing out of the fifth floor for additional expansion. The second phase of construction will include the expansion of the emergency department that will increase its total number of beds to 35, as well as the addition of eight beds to the intensive care unit, doubling the department’s size. Phase I is scheduled for completion in early 2009, with Phase II wrapping up later that year. The original design of Methodist Mansfield Medical Center included unfinished shell space for up to 80 additional beds, as well as land for potential growth.
HOUSTON — The New York office of iCap Realty Advisors has secured $30 million in first-mortgage financing for a Class A office building located in Houston. The property is situated within a 30-acre, master-planned development in the city’s Galleria/West Look submarket, just west of Interstate 610. It rises 17 stories and contains 370,000 rentable square feet, as well as a 1,000-space parking garage. Terms of the loan include a 5-year term, non-recourse, with interest-only payments for the first 2 years. The loan was placed with a major insurance company. The borrower was not disclosed.
DALLAS — Phoenix-based Opus West Corp. has signed its first five retail tenants for Broadstone Parkway, a 5.8-acre multi-use project located at the intersection of Inwood, Galleria and Simonton roads in Dallas. The new tenants include Hibashi, a 9,988-square-foot Teppan grill and sushi bar; Chill Bubble Tea, a 1,150-square-foot smoothie store; L’Image Salon, a 1,537-square-foot, full-service beauty salon; Firehouse Subs, a 2,000-square-foot sandwich shop; and Lover’s Egg Roll, a 2,000-square-foot Chinese restaurant. With the recent leases, the 39,000-square-foot retail and restaurant component of the project is approximately 50 percent leased. Developed by Opus in partnership with Alliance Communities, Broadstone Parkway features 333 luxury apartments and townhomes, along with the retail component and a five-story parking garage. The Weitzman Group is handling leasing efforts for the retail component of the project.
BEDFORD, TEXAS — The Dallas office of PNC ARCS has arranges a $7.28 million loan for Copper Hill Apartments, a 204-unit multifamily community located in Bedford. Situated on more than 8 acres, the property features a swimming pool, a spa, a fitness center, a clubhouse, a racquetball court, laundry facilities and covered parking. Terms of the financing include a 6.22 percent fixed interest rate, a 10-year term with a 30-year amortization schedule and interest-only payments for the first 5 years. The lender was Fannie Mae; the borrower was undisclosed.
PEARLAND, TEXAS — Houston-based Greatland Investment has broken ground for the development of Shadow Creek Village, a 29,000-square-foot retail project located in Pearland within the Shadow Creek Ranch master-planned community. Situated on 3 acres at the corner of FM 518 and Kirby Drive near Pearland Town Center, Shadow Creek Village is seeking to attract fine dining restaurants, dry cleaners, salons/spas and other consumer service-related tenants. The project also contains a pad site for a bank. The $6 million project is scheduled for completion in February 2009. Greatland Investment is developing the project, with construction management services being provided by Houston-based EDWEA. It will be managed by CSL Leasing & Management.
BEAUMONT, TEXAS — Hendricks & Partners (H&P) has arranged the sale of Seville, a 90-unit apartment community located at 4325 Crow Rd. in Beaumont. The Section 8 property caters to elderly and disabled residents. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Keswick, Va.-based Seville Apartments, Ltd. The buyer, Plymouth, Minn.-based Dominium Acquisition, plans to complete substantial improvements to the property over the next 12 months. The acquisition was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing.
HOUSTON — The Houston office of Marcus & Millichap has brokered the sales of two Houston flex properties. The first property, Hempstead Industrial Plaza, is located at 14620 Hempstead Rd. and contains 42,510 square feet of office and warehouse space. The second property, McAllister Industrial Park, is located at 2441 McAllister Rd. and contains 26,652 square feet of office and warehouse space. Justin Miller and Jerry Goldstein represented both locally based sellers. The buyers, also based in Houston, were both secured by Joshua Lass-Sughrue, also of Marcus & Millichap’s Houston office. The acquisition prices were not disclosed.
HOUSTON — Construction has topped out for Memorial Hills, a 286-unit rental apartment community located on 2.2 acres near the intersection of Memorial and Shepherd drives in Houston. Designed by Houston-based Ziegler Cooper Architects, the eight-story, infill project will contain one-, two- and three-bedroom units ranging in size from 600 to 1,500 square feet. Amenities include a pool, an outdoor kitchen, a garden area and a parking garage. Completion is scheduled for spring 2009. The project is being developed by Atlanta-based Gables Residential Trust. In addition, Four Chasewood, a Houston office building also designed by Ziegler Cooper, was completed recently. Located within Chasewood Technology Park, the $13.2 million project comprises a five-story, 110,000-square-foot office building and a 5.5-story parking garage. The project was designed with sustainable features that include low-e windows, a reflective roof, water-efficient landscaping and fixtures, and low VOC materials. The project was developed by GenCap.