DALLAS — Chicago-based BB&T Real Estate Funding has provided $11.45 million in first-mortgage financing for Oakwood Tower and One Lee Park West, two Class B, multi-story office buildings located in the Uptown and Turtle Creek areas of Dallas, respectively. The two properties comprise 118,370 square feet of leasable space. The bridge loan carries a 3-year term with 1 year interest-only, and some levels of amortization in the second and third years. Adam Levinson of Chicago-based Cohen Financial originated the transaction.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has secured a $165 million construction loan for the new W Hotel & Residences located at Second Street and Lavaca in downtown Austin. Scheduled for completion in 2011, the project will contain 252 guest rooms on the lower floors of the tower, and 165 residential units on floors 18 to 37. Residences will contain one to four units. Residents and guests will have access to a 24-hour concierge service, restaurants and clubs, an elevated garden incorporating a pool and a bar, 5,000 square feet of meeting space, 4,300 square feet of banquet space, and an 8,000-square-foot spa and fitness center. Whitaker Johnson of HFF represented Stratus Properties and the Canyon-Johnson Urban Fund in securing the loan. The lender is Corus Bank, N.A.
ARLINGTON, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Hampton Hills, a 144-unit apartment community located at 715 Washington Dr. in Arlington. Peter Hartnett of H&P’s Dallas office represented the seller, Dallas-based Hampton Partnership, as well as the buyer, Oklahoma City-based KHC Land Investments. The acquisition price was not disclosed.
BEE CAVE, TEXAS — Phoenix-based Opus West Corp. has announced 11 new retail tenants for Hill Country Galleria, a 1.3 million-square-foot mixed-use project located in Bee Cave. Last month, a 10,000-square-foot Backwoods joined the tenant roster. This month will see the opening of Baby Birgitte, The Walking Company, Oriental Rug Gallery, Merle Norman Cosmetics, and Toni & Guy’s. July will see the opening of James Avery Craftsman, Panera Bread, Tony C’s and Zinger’s Sports Bar & Grill. Finally, a 55,000-square-foot Dick’s Sporting Goods will open in August. Hill Country Galleria, which opened in October 2007, contains 650,000 square feet of retail space, 300,000 square feet of for-rent residential space, 145,000 square feet of Class A office space, 100,000 square feet of residential condominiums, 80,000 square feet of retail pad space and 50 acres of green space. Opus developed the project with Lincoln Property Co. International Development Management and Robert Baldwin Interests.
PLANO, TEXAS — The grand opening has been held for the third Amazing Jake’s, located at 831 North Central Expressway in Plano. The 90,000-square-foot family entertainment restaurant features an all-you-can-eat buffet, over 180 video games, laser tag, bumper cars, a 6-lane bowling alley, a 25-foot tall climbing wall and party rooms. The restaurant is located within the former Mervyn’s building at the recently renovated Collin Creek Mall.
GARLAND, TEXAS — A joint venture between High Street Residential and USAA Real Estate Co. has broken ground for 5th Street Crossing at Garland Station, a multifamily project located adjacent to 5th and 6th streets in downtown Garland. The project will feature 189 residential units, ground-floor retail space and a 400-stall parking garage. Community amenities will include a pool, internal courtyards, a fitness center and convenient access to a Dallas Area Rapid Transit rail station. The project is being designed by Dallas-based James, Harwick + Partners. USAA Real Estate Co. is serving as capital partner. The other partner, High Street Residential, is a wholly owned subsidiary of Trammell Crow Co.
SAN ANTONIO — Groundbreaking has occurred for Vista Pointe Professional Centre, an office park located at the intersection of Highway 281 and Encino Rio Road in San Antonio. Once complete, the multi-building development will contain 110,000 square feet of office space, as well as a 150-room hotel. Office space from 2,500 square feet to 23,768 square feet is currently available for purchase. Completion is scheduled for the first quarter of 2009. The developer, Joey Guerra of Integrated Realty Group, is being represented by Clint Parker of Grubb & Ellis and Christian Guerra of Integrated Realty.
KILLEEN, TEXAS — Marcus & Millichap has completed the sale of a two-property apartment portfolio located in Killeen. The two properties, Casa Grande and La Casa Apartments, total 85 units and are located at the intersection of West Young Street and Lake Road near Fort Hood military base. Norman Eastwood and Tommy Lovell of Marcus & Millichap’s Dallas office represented the seller, a California-based institutional investor. The portfolio was acquired by a Virginia-based private investment trust for an undisclosed amount.
DALLAS — Dallas-based Quantum First Capital has arranged a $22.61 million loan for Vail Quarters Apartments, a 332-unit apartment community located at 3900 Briargrove Lane in Dallas. Situated on 9.61 acres, the Class A property contains 25 buildings with a mix of studio, one- and two-bedroom units; it features two swimming pools, a clubhouse, a fitness center, a business center, a recreational room, and garages or carports. Eli Gershenson of Quantum First Capital originated the financing on behalf of Adam’s Rib Ltd. The lender is Green Park Financial, which utilized the Fannie Mae DUS program.
ALLEN, TEXAS — Fort Worth, Tcxas-based Trademark Property Co. has held the grand opening for the first phase of Watters Creek, a $200 million mixed-use development located at the corner of U.S. Highway 75 and Bethany Drive in Allen. Approximately 300,000 square feet of retail space currently is open, with more set to come on-line this summer. Phase I will also include 80,000 square feet of office space. Upon completion, Watters Creek will contain 1.15 million square feet encompassing more than 450,000 square feet of retail and restaurant space, 301 residential lofts and additional office space. The project will feature a creekside village green, interactive public art and al fresco dining by the creek. The 52 acres comprising Watters Creek will serve as the commercial heart of the 500-acre Montgomery Farm development.