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.
Texas
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.
SAN ANTONIO — Needham, Mass.-based Potomac Realty Capital has structured and funded $38.2 million in financing for a 942-unit multifamily portfolio located in San Antonio. The loan was structured as a $33.5 million first mortgage loan and a $4.7 million mezzanine loan. Proceeds will be used to acquire the portfolio, complete a minor renovation program and fund an interest reserve. The borrower is an entity comprised of a full-service real estate firm and a joint venture between six individual investors. Jeffrey Weingart of Potomac originated the loan.
DALLAS — Dallas-based interior design firm Faulkner Design Group is close to unveiling its design for Park Lane Place, a 33-acre mixed-use development located in downtown Dallas. The project will total 2 million square feet of retail, residential, hotel and office space. Faulkner is providing interior design and planning for the project’s residential units, lobbies and common area. The residential component is named The Heights, and consists of three different types of living spaces, known as The Lofts, The Flats and The Tower. Faulkner’s design includes two aqua lounges overlooking the swimming pools of The Flats and The Tower, both of which contain views of the Dallas skyline. Park Lane Place is being developed by the Dallas office of PM Realty Group, with locally based Gromatzky Dupree & Associates serving as project architect, and locally based Cadence McShane serving as general contractor.
AUSTIN, TEXAS — A joint venture between L&B Realty Advisors and Barshop & Oles Co. had acquired Brodie Oaks Shopping Center, a 244,242-square-foot retail complex located at the corner of Loop 360 and South Lamar Boulevard in Austin. The shopping center is anchored by Neiman Marcus, Last Call and Sun Harvest Market. Additional tenants include Hobby Lobby, Toys ‘R Us, Tuesday Morning, Sally Beauty Supply, Starbucks Coffee, Olive Garden, Chili’s, Pei Wei Asian Diner and Fuddruckers. The property also contains office space. The Dallas office of Holliday Fenoglio Fowler marketed the property on behalf of the seller, Weingarten Realty Investors. L&B Realty Advisors acquired the property on behalf of investors in L&B Diversified Strategy Partners LP. The acquisition price was not disclosed.