PASADENA, TEXAS — Houston-based M.J. Spoor & Co. has arranged $5.8 million in fixed-rate, permanent financing for Maple Trail Apartment & Townhomes, a 202-unit multifamily community located in Pasadena. The lender in the transaction was Fannie Mae. The borrower and the terms of the loan were not disclosed.
SAN ANTONIO — A joint venture between Chicago-based First Industrial Realty Trust and San Antonio-based 4M Properties has completed a $120 million Rail Intermodal Terminal for the Union Pacific Railroad in San Antonio. The facility is located on Interstate 35 and has access to the Union Pacific’s East-West and North-South lines. It is capable of handling up to 250,000 container lifts annually. Future plans call for the construction of a business park adjacent to the terminal.
ARLINGTON, TEXAS — BremnerDuke Healthcare, a division of Indianapolis-based Duke Realty Corp., has commenced development of Baylor Orthopedic & Spine Hospital of Arlington (BOSHA), a 55,129-square-foot medical facility located at 721 W. Highlander Blvd. in Arlington. Situated on 4.4 acres, the two-story facility features a 24-bed inpatient surgical center, six operating rooms, a 24-hour emergency department, diagnostic imaging equipment and administrative offices. The facility is being developed by BremnerDuke in conjunction with Arlington Orthopedic Associates. It will be owned by BremnerDuke Healthcare Real Estate and AOA Arlington Development LP, and will be leased to BOSHA. The general contractor is Dallas-based Hill & Wilkinson and the project architect is locally based Ascension Group Architects. Completion is scheduled for the first quarter of 2010. BOSHA is owned by a joint venture between Baylor Health Care System, United Surgical Partners International and Arlington Orthopedic Associates.
FARMERS BRANCH, TEXAS — Groundbreaking has occurred for the new Workforce and Continuing Education Building at Brookhaven College in Farmers Branch. The $6 million project, which was designed by Dallas-based SHW Group, consists of a 28,500-square-foot education facility. It will feature more than 15 classrooms, a computer lab, four multipurpose rooms, two conference rooms, a lobby area, break stations, offices, and outdoor patios and gardens. The building will also contain sustainable elements, including the use of local construction materials, low VOC paints and sealants, a reflective rooms and north-facing glass windows. Completion is scheduled for January 2010.
HOUSTON — John Nicholson and Doug Nicholson of Grubb & Ellis’ Houston office have secured an approximately 145,000-square-foot lease at Portwall Distribution Center in Houston on behalf of Cadeco Industries Inc. The warehouse space, located at 530-542 Portwall St., is split between two single-story buildings. The first comprises 81,000 square feet; the second has 62,820 square feet. Houston-based Warehouse Associates owns the 7-acre property and represented itself in the lease transaction.
OKLAHOMA CITY — New York City-based Avant Capital Partners recently closed an approximately $4.58 million bridge loan for the acquisition and renovation of a 209-unit apartment complex in Oklahoma City. Avant secured the interest-only loan through its relationship with a community bank at 5.25 percent. The loan, which was based upon 70 percent loan-to-cost, is convertible to permanent financing upon completion of the renovation and lease-up. The undisclosed sponsors are multifamily investors with a strong operational presence in the Oklahoma City market.
SEALY, TEXAS — The grand opening has been held for the new Holiday Inn Express Hotel & Suites, located at 2370 Highway 36 South in Sealy. The hotel, which contains 70 rooms, is a new prototype hotel for the Holiday Inn brand. Amenities include an outdoor swimming pool, a fitness center and wireless Internet access. The hotel is owned by Al, Jay and Pat Patel. Holiday Inn is franchised by Atlanta-based InterContinental Hotels Group.
HOUSTON — White Plains, N.Y.-based Starwood Hotels & Resorts has held the grand opening for Element Houston Vintage Park, a 123-room hotel located in Houston. The hotel gives guests the ability to customize their rooms with multi-purpose, modular furniture, swiveling flat-screen televisions, large desks with open shelving and custom-designed closets. Rooms also feature fully equipped kitchens. Hotel amenities include a lobby with a multi-story window wall, an outdoor fire pit and barbecue, free wireless Internet access, a fitness center, a pool, a technology center with a library and 456 square feet of meeting space. The project is seeking LEED certification. It is situated within Vintage Park, an 84-acre lifestyle center located at the intersection of Louetta Road and State Highway 249. It is also the first Element hotel to open in Texas. It is owned by Condor Hospitality and managed by Louisiana-based InterMountain Management. The general contractor for the build was Dallas-based Benchmark Development Corp.
EL PASO, TEXAS — Construction has begun for Fst Ave Lofts, a $3 million residential project located at 300 S. Florence St. in El Paso. The project comprises nine for-sale loft condominiums, as well as approximately 6,000 square feet of ground-floor retail and commercial space. Community amenities include a rooftop terrace, private parking, building security and resident storage space. Completion is scheduled for the end of summer or fall of this year. The project is owned and is being developed by The El Paso Project LLC. Wright & Dalbin Architects is serving as project architect, with Cumbre Builders providing general contracting services. The El Paso Project has committed to redevelop the downtown El Paso area and create a vibrant, pedestrian-friendly urban environment.
DALLAS — The first retail stores are set to up at Park Lane, Dallas-based Harvest Partners’ $750 million mixed-use project current under construction in Dallas. On March 19, Nordstrom Rack will open a 36,000-square-foot location, followed by a 72,000-square-fooy Dick’s Sporting Goods and a 7,000-square-foot Lane Bryant/Cacique on April 3. Finally, a 20,000-square-foot The Children’s Place will open its doors on April 24. Park Lane will host the Dallas flagship locations for each of the retailers. Park Lane will celebrate its grand opening in the fall. Upon completion, the 33.5-acre project will contain 2.8 million square feet of retail, restaurants, entertainment, offices, hotels and housing.