Texas

HOUSTON — The Woodlands, Texas-based LMI Capital has secured two Houston multifamily loans totaling $29.62 million. The first is a $21.8 million loan secured by 7979 Westheimer Apartments, a 459-unit property. The loan carries a 7-year fixed rate, a 30-year amortization schedule and 3 years of interest-only payments, and will contribute to the refinancing of the property. Jamie Mullin of LMI arranged the funding on behalf of the borrower with the lender, Column Guaranteed. Additional, LMI arranged $7.82 million in acquisition financing for the 256-unit Waters at Kirkwood Apartments. Brandon Brown of LMI arranged the loan on behalf of Waters Partners LLC. The lender is Greystone Servicing Corp. Terms of the financing were not disclosed.

IRVING, TEXAS — Newport Beach, Calif.-based Buchanan Street Partners (BSP) has completed the full capital stack for the acquisition and renovation of Shadows of Cottonwood, a 504-unit multifamily property located in the Las Colinas submarket of Irving. Shadows of Cottonwood comprises 34 three-story buildings at 3950 N. Story Rd., and was 92 percent occupied at the time of closing. BSP invested a majority of the equity to acquire the property, along with its joint venture partner, Greystar Real Estate Partners. BSP also negotiated more than $25 million in senior financing to complete the acquisition. The partnership plans to make a significant investment to upgrade the community from Class B to Class A status. Greystar will manage the property.

DENTON, TEXAS — Hendricks & Partners has arranged the sale of La Maureta, a 22-unit multifamily community located at 417 Withers in Denton. Ryan Warren of the company’s Dallas office represented the seller, locally based Avenue A Investment. The property was purchased by a California-based private investor for an undisclosed amount.

SAN ANTONIO — The Place/BV Student Housing Fund will develop La Cantera Place, a 204-unit student housing community located near the University of Texas – San Antonio. The community will feature one-, two- and four-bedroom units; community amenities include a clubhouse with a fitness center, a computer lab ad a resort-style swimming pool. It is expected to open in the summer of 2009. La Cantera Place is the fund’s second development in San Antonio; the first, Hill Country Place, opened this month and is already 98 percent leased. The real estate investment fund is managed by BVP Managers, a joint venture between Atlanta-based Place Properties and Chicago-based Blue Vista Capital Management.