FORT WORTH, PLANO AND CROWLEY, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $28.9 million floating-rate mortgage loan, along with a $3.25 million mezzanine loan, for the acquisition of three shopping centers in Fort Worth, Plano and Crowley. The trio of Kroger-anchored shopping centers, Village at Los Rios, Altamesa and Stone Gate Plaza, were 96 percent leased at the time of sale. The loan was arranged on behalf of Margaux Development, which used the funds to recapitalize the partnership and buyout an existing partner.
IRVING, TEXAS — ORIX Real Estate Capital, a Chicago-based company, has provided $18.5 million in first-mortgage financing for the construction of a hotel to be located at the northwest corner of Royal Lane and Sierra Drive in Irving. The loan was provided to Atlanta-based NYLO Hotels LLC, which will build a 200-room, loft-style hotel within the master-planned community of Las Colinas. The hotel is currently under construction and is scheduled to open in May 2009. Amenities at the hotel will include a 3,000-square-foot ballroom, 6,000 square feet of special event space, a fitness center, a pool, a restaurant-bar and a business center. Mike Huffman and Steve Waryas of ORIX Real Estate Capital arranged the loan.
AUSTIN, TEXAS — Dallas-based Henry S. Miller Commercial has brokered the purchase of South Lamar Business Park, a retail center located at 1700 S. Lamar Blvd. in Austin. A private Austin investor purchased the 53,000-square-foot property, which is situated on approximately 4.4 acres, from an undisclosed seller. John Collins IV of Henry S. Miller Commercial, Land Division of Dallas represented the buyer in the transaction.
HURST, TEXAS — Marcus & Millichap has completed the sale of E-Z-Go Textron Industrial Building located at 745 W. Hurst Blvd. in Hurst. A private, out-of-state buyer purchased the property from a Bakersfield, Calif.-based investor for an undisclosed amount. The building, which was constructed in 1975, is situated on approximately 9 acres. Preston Shatto of Marcus & Millichap’s Houston office represented the buyer in the transaction.
SPRING, TEXAS — Marcus & Millichap has finalized the sale of Louetta Shopping Center located at 6370 Louetta Rd. in Spring. A Topeka, Kan.-based partnership acquired the 35,321-square-foot shopping center, which was at 100 percent occupancy at the time of sale, from a private Texas-based developer. The center, which was sold for an undisclosed amount, was constructed in 2007 and is situated on 2.94 acres. Don Stringham and Charles Lucenay of Marcus & Millichap’s Houston office represented the seller in the transaction.
MIDLAND, TEXAS — Dallas-based BMC Capital has originated a $9 million loan for an apartment complex located in Midland. The 30-year, fixed-rate loan was for the refinancing of the 296-unit property. Keith Van Arsdale of BMC Capital’s Houston office announced the transaction.
GLADEWATER, TEXAS — Boston Capital Finance (BCF) has closed an approximately $1.4 million, permanent-only loan for the Gardens of Gladewater, a senior living complex in Gladewater. The 36-unit property, which is situated on 5.86 acres at 108 W. Sheppard Dr., comprises 15 duplex buildings. The senior living facility includes a small outpatient facility among its amenities.
HOUSTON — NAI Houston has completed the sale of a warehouse building located at 500 W. 23rd St. in Houston. Alen USA sold the 29,200-Square-Foot industrial facility to an undisclosed seller. Kent Willis and John Ferruzzo of NAI Houston represented the buyer in the transaction, while Michael Palmer of CB Richard Ellis represented the seller.
DALLAS Dallas-based Quantum First Capital has closed an $11 million acquisition loan for Wedgwood Tower Residences located at 2511 Wedglea Dr. in Dallas. The company originated the 3-year bridge term loan on behalf of a private, out-of-state borrower that plans to renovate both the interior and exterior of the 11-story property. Built in 1964 and first renovated in 2005, the high-rise complex houses 299 units on 8.2 acres. Jason Rice of Quantum First Capital originated the loan through Legg Mason Real Estate Investors.
WICHITA FALLS, TEXAS — Irving, Texas-based Collegiate Development Services (CDS) has been selected by Midwestern State University (MSU) to build a new residential hall on its campus located in Wichita Falls. The student housing complex, which will be situated on 5 acres, will be located on the southwest corner of Louis J. Rodriguez Drive and Midwestern Parkway on MSU’s campus. The three-story property will comprise 96 apartment-style units and feature high-speed Internet access, cable and complete appliance packages, as well as a common student courtyard area. Collegiate Contacting Services (CCS) will serve as general contractor for the project, while Hensley Lamkin Rachel Inc. will provide architectural services.