EL PASO, TEXAS — Sierra Providence East Medical Center has opened its doors at 3280 Joe Battle Blvd. on the east side of El Paso. The 110-bed acute-care facility, which began construction in spring 2006, represents a total initial investment of $143.9 million. Sierra Providence East Medical Center is part of the Sierra Providence Health Network and is owned by Tenet Healthcare Corp.
Texas
HOUSTON — Paul Gardaphe of iCap's Houston office has arranged a $5 million bridge loan for a 103,000-square-foot retail property in Houston. Gardaphe arranged the loan through affiliate Amegy Mortgage. The retail center, which sits on more than 7.8 acres of land, is 83 percent occupied. The five-building property was built in 1985.
TEMPLE, TEXAS — The Houston office of Live Oak Capital has arranged $1.15 million in fixed financing for two restaurant ground leases in Temple. The restaurants Cracker Barrel and Jack in the Box sit on a combined 5.7-acre site located at the southeast corner of the intersection of Interstate 35 and Loop 363. Morris Development, the borrower, purchased the site in March 2004. Greg Young with Live Oak Capital worked on behalf of the borrower to capitalize the commercial real estate with Ohio National Insurance Co.
DALLAS — Saxon Capital and Morgan Stanley Credit Corp. recently leased 71,174 square feet of office space at Intellicenter Dallas. Dennis Barnes with CB Richard Ellis (CBRE) represented Koll Development Co., the landlord. Bob Edge, Matt Heidelbaugh and Mari Jones with Cushman & Wakefield represented the tenant.
IRVING, TEXAS — InterContinental Hotels Group (IHG) has plans for a project that will incorporate a new 150-room Crowne Plaza and a new 85-room Hotel Indigo in the Las Colinas community in Irving. The hotels, which are expected to open in 2010, will be developed in one building. Crowne Plaza and Hotel Indigo will have separate entrances but will share public areas such as the fitness center and the swimming pool. Platinum Hospitality LLC will own the hotels; Patriot Hospitality, under a license agreement with a company in IHG, will manage them.
HOUSTON — Live Oak Capital has arranged a $25.5 million construction loan on behalf of Woodcreek Development Co. for a six-story, 146,238-square-foot office building in Houston. The Reserve at Park Ten is located at the northeast corner of Park Ten Place and Broadfield Boulevard, just north of the Katy Freeway in Houston’s Energy Corridor. Kingharn Dalton is serving as general contractor for the project. Live Oak placed the loan through Houston’s Amegy Bank.
AUSTIN, TEXAS — Transwestern Realty Finance Partners LLC has closed a $6.5 million mezzanine construction for the development of Residences at Oak Hill. The Class A apartment complex, which is located on U.S. 71 in the Southwest Hills area of Austin, comprises 276 units. McShane Corp. is the project’s sponsor.
AMARILLO, TEXAS — Grubb & Ellis Healthcare REIT has acquired the Amarillo Hospital property, located at 7501 Wallace Blvd. in Amarillo, from an unaffiliated partnership sponsored by Trophy Healthcare Realty LP. The two-story building comprises 65,000 square feet and sits on approximately 4.2 acres. Triumph HealthCare operates the long-term acute care hospital, which is located within a half mile of the Harrington Medical Center.
SAN ANTONIO — Buchanan Street Partners has negotiated a $20.4 million financing package for the development of Stone Oak Centre, an 81,560-square-foot office and retail property in San Antonio. The project, which is located along Stone Oak Parkway, includes five Class A, two-story office buildings and two retail buildings. Buchanan Street Partners structured a $15.5 million construction loan and arranged $4.92 million in equity with third-party investor Ascent Real Estate Advisors. The financing was arranged on behalf of the developer, M.S. Walker & Associates. Construction is slated to begin this summer on Stone Oak Centre, which is expected to be fully leased by January 2009.
HOUSTON — Tracer Construction Co. has purchased a 22,936-square-foot spec manufacturing building, located at 1102 W. Eighth St. in Seaco Business Park in Houston, from Stonebridge Real Estate Development & Investments. Bill Rudolf and Gray Gilbert of CB Richard Ellis represented the buyer. John Ferruzzo, Chris Caudill and Joel Michael of NAI Houston represented the seller.