HOUSTON — Silver Capital and McCann Realty Partners have acquired Villas at West Road Apartments, a 240-unit, garden-style apartment community located in Houston. The residences are all two stories and have private first-floor entrances; 70 percent of the units also have attached garages. The acquisition was funded, in part, by the assumption of an existing Freddie Mac loan with a 5.82 percent interest rate. The purchase was made on behalf of Silver-McCann Apartment Group II, an acquisition fund formed by the two companies. Villas at West Road will be managed by Lincoln Property Co. The seller and the acquisition price were undisclosed.
Texas
FORT WORTH AND PLANO, TEXAS — Juniper Investment Group has secured two loans totaling $17.5 million for the company’s acquisition of two Texas affordable housing communities. Garden Gate Fort Worth is located at 6901 N. Beach St. in Fort Worth, and Garden Gate Plano is located at 1201 Legacy Dr. in Plano. Both properties contain 240 units with an average unit size of 840 square feet. Marc Sixour and Sabrina Solomiany of Holliday Fenoglio Fowler originated the financing on behalf of Juniper. Financing for the Fort Worth property totaled $7.8 million, and financing for the Plano property totaled $9.7 million. The lender was Freddie Mac.
DALLAS — Dallas-based Harvest Partners has signed a tenant for 50,000 square feet of office space at Park Lane, a 33.5-acre mixed-use development located in Dallas. The space will be occupied by Kosmos Energy, which is the first tenant to sign with the office component of the project. Upon completion in spring 2009, Park Lane will contain 750,000 square feet of office space.
HOUSTON — BMC Capital has arranged a $1.28 million acquisition loan for Sherwood Glen, a 56-unit multifamily community located at 3805 Sherwood Lane in Houston. Terms of the financing include a 5-year fixed interest rate and a 25-year amortization schedule. The loan was arranged on behalf of an Austin-based 1031 exchange buyer. It will fund the purchase of the property, as well as provide for the property’s rehabilitation. The borrower was not disclosed.
DALLAS — Gensler has been selected to provide interior design services for the new administrative offices of the Dallas Opera. The offices will be located within the Margot & Bill Winspear Opera House at the Dallas Center for the Performing Arts in Dallas. The opera house is currently under construction. The space will consist of 13,000 square feet overlooking the 10-acre Performance Park. The opera house is scheduled to open in October. Foster + Partners is serving as project architect for the new opera house.
CORPUS CHRISTI, TEXAS — Hendricks & Partners has negotiated the sale of Bay Bluff, a 57-unit multifamily community located at 10333 Compton Rd. in Corpus Christi. Chris Ross and Scott Weems of the company’s San Antonio office represented the seller, Tulsa, Okla.-based EIG Texas Bay Bluff LLC. The buyer, Boerne, Texas-based Texas Bay Bluff LLC, acquired the property for an undisclosed amount.
DALLAS AND HOUSTON — NorthMarq Capital has secured $25.75 million in financing for two Texas properties. In Dallas, Scott Frank of NorthMarq’s Dallas regional office arranged $19 million in construction/permanent financing for Sam Moon Center Alliance, a 165,400-square-foot retail property located within Hillwood’s Alliance Town Center mixed-use development. The loan carries a 15-year, fixed-rate term with interest-only payments during the construction period, and a 20-year amortization schedule thereafter. The borrower was undisclosed, and the lender was Prudential Mortgage Capital Co. In Houston, Greg Duvall of NorthMarq’s Kansas City regional office arranges $6.75 million in first-mortgage financing for Fountains of Westchase, a 287-unit multifamily property. Terms of the loan include a 7-year term with 2 years interest-only and a 30-year amortization schedule. The loan also contains a variable rate with an embedded cap provided by the lender, Freddie Mac. The borrower was ELP Simon.
ALLEN, TEXAS — Borders has opened a new location at Watters Creek in Allen. The new location represents the Texas debut of the chain’s concept store, and marks the 14th such store in the nation. The concept store features increased interactivity for customers, including a Digital Center where customers can create custom CDs, download books and music, publish their own books, and create photo books. Watters Creek is the 52-acre commercial heart of the 500-acre Montgomery Farm master-planned development.
HOUSTON — Marcus & Millichap has brokered the sale of Shepherd Lofts Apartments, a 12-unit, 12,290-square-foot multifamily property located at 5017 Cornish Dr. in Houston. Constructed in 2005, the community is 100 percent occupied. Brian Janak of Marcus & Millichap listed the property on behalf of the seller, a Houston-based partnership. A private, San Francisco-based investor purchased the property. The acquisition price was not disclosed, but the property listed for $1.61 million.
HOUSTON — Seismic Exchange has announced plans to construct an additional building for its headquarters at Westway Park, a 150-acre business park developed by Wolff Companies that is located in Houston. Seismic had already acquired the adjoining 2.4 acres, and will construct of a five-story, 72,400-square-foot office building at 11050 Capital Park Dr., as well as an accompanying five-story parking garage. The new structure is scheduled for completion in March 2009, and will be fully occupied by Seismic Exchange. The company will also be seeking LEED certification for the project. Powers Brown Architecture served as project architect, and Rosenberger Construction is completing the build.