Texas

Cadence McShane Breaks Ground on 231,000 SF Middle School in Richardson, Texas

by Taylor Williams September 9, 2022

RICHARDSON, TEXAS — General contractor Cadence McShane has broken ground on Lake Highlands Middle School, a 231,000-square-foot campus in metro Dallas that will be part of the Richardson Independent School District. The campus will comprise three buildings with traditional classrooms and administrative spaces, as well as a cafeteria, two competition gyms, a weight room, track and practice field and tennis courts. Perkins + Will is designing the school, which should be able to support about 1,500 students. Completion is slated for fall 2024.

September 9, 2022

Loans Multifamily Texas

Greystone Provides $11M Fannie Mae Loan for Refinancing of Houston Apartments

by Taylor Williams September 9, 2022

HOUSTON — Greystone has provided an $11 million Fannie Mae loan for the refinancing of Broadway Park, a 224-unit apartment complex in Houston. The property comprises 108 one-bedroom residences, 112 two-bedroom apartments and four three-bedroom units. D.J. Elefant and Dan Gillard led the Greystone team that secured the financing on behalf of the borrower, an entity doing business as Broadway Park-SI LLC. Bolder Capital arranged the fixed-rate debt, which carried a 10-year term and four years of interest-only payments. Since acquiring Broadway Park in 2019, the sponsor has invested more than $2.5 million in capital improvements.

September 9, 2022

Loans Retail Texas

Schelin Uldricks Arranges $10.4M Loan for Refinancing of San Antonio Shopping Center

by Taylor Williams September 9, 2022

SAN ANTONIO — Schelin Uldricks & Co., a California-based financial intermediary and advisory firm, has arranged a $10.4 million loan for the refinancing of Olmos Creek Shopping Center, a 102,254-square-foot retail property in San Antonio. Built in phases between 1996 and 2004, the center is leased to a mix of tenants in the fitness, food-and-beverage, entertainment and discount retail sectors. A California-based debt fund provided the funds. The borrower was not disclosed.

September 9, 2022

Acquisitions Hospitality Texas

NewcrestImage Acquires National Hotel Portfolio Totaling 3,300 Rooms

by Taylor Williams September 8, 2022

DALLAS — Dallas-based hospitality development and investment firm NewcrestImage has acquired a national portfolio of 45 hotels totaling approximately 3,300 rooms. The properties are located in 11 states and are primarily operated under various brands within the Marriott and Hilton family of concepts, though the portfolio also includes two Choice-branded hotels and one Radisson-branded hotels. The seller was an undisclosed private investment firm. The sales price was also not disclosed.

September 8, 2022

Development Hospitality Texas

Sam Moon Group Underway on 267-Room JW Marriott Hotel in Dallas Arts District

by Taylor Williams September 8, 2022

DALLAS — Locally based hospitality developer Sam Moon Group is underway on construction of a 267-room hotel in the Dallas Arts District that will operate under the JW Marriott brand. The 23-story hotel will be located at 800 N. Harwood St. and will house three food-and-beverage concepts, as well as a cocktail lounge, meeting and conference areas, a fitness center and a ballroom. Guests will also have access to a sky lobby on the 11th floor. HKS Inc. served as the project architect, with DPR Construction as the general contractor. Completion is slated for next spring. The hotel will be the first in Dallas to operate under the JW Marriott brand.

September 8, 2022

Development Multifamily Texas

Thompson Thrift Sells 288-Unit Watermark at Grand Central Park Apartments in Metro Houston

by Taylor Williams September 8, 2022

CONROE, TEXAS — Thompson Thrift Residential, a subsidiary of Indianapolis-based investment firm Thompson Thrift, has sold Watermark at Grand Central Park, a 288-unit apartment community in Conroe, about 40 miles north of Houston. Built in 2021, the garden-style property offers one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen, clubhouse, lounge, coffee bar and walking trails. Jennifer Ray of Walker & Dunlop represented Thompson Thrift in the transaction. San Diego-based CEG Multifamily purchased the community for an undisclosed amount

September 8, 2022

Development Industrial Texas

Urban Logistics Realty, Crow Holdings Break Ground on 238,200 SF Industrial Project in Houston

by Taylor Williams September 8, 2022

HOUSTON — A joint venture between Dallas-based Urban Logistics Realty and a fund backed by Crow Holdings has broken ground on Urban District 290, a 238,200-square-foot industrial project in Houston. The site is located near the corner of State Highway 290 and Bingle Road on the city’s northwest side. The development will consist of a 64,800-square-foot building and a 173,400-square-foot building with clear heights of 32 feet, speculative office space, ample car parking and ESFR sprinkler systems. Completion is slated for the second quarter of 2023. CBRE has been tapped as the leasing agent.

September 8, 2022

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 84-Unit Apartment Complex in Austin

by Taylor Williams September 8, 2022

AUSTIN, TEXAS — Greysteel has brokered the sale of University Quarters, an 84-unit apartment complex located near the University of Texas at Austin. The property comprises four buildings that were constructed between 1973 and 1978 and house one-bedroom units with an average size of 450 square feet. J.R. Ellis and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

September 8, 2022

Development Mixed-Use Texas

Lincoln Property Co., Kairoi Break Ground on 74-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams September 7, 2022

AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and Kairoi Residential has broken ground on Waterline, a 74-story mixed-use tower in downtown Austin. The site is located near the nexus of Waller Creek and Lady Bird Lake. Plans for the 1,022-foot building currently call for 352 luxury apartments, 700,000 square feet of office space, a 251-room hotel that will be operated under the 1 Hotels brand and 24,000 square feet of ground-floor retail and restaurant space. Residential amenities will include two pools, a fitness center, lounge, kitchen and coworking space. Office tenants will also have access to a fitness center, as well as a bar and lounge and indoor meeting spaces. Kohn Pedersen Fox (KPF) is the architect for Waterline. Canadian pension fund PSP Investments is also an equity partner on the project. Eastdil Secured arranged an undisclosed amount of construction financing for the development through Blackstone Mortgage Trust. Completion is slated for late 2026. The partnership is also developing Sixth & Guadalupe, a 66-story tower in downtown Austin that is scheduled to open next year.

September 7, 2022

Acquisitions Retail Texas

JAH Realty Acquires 191,103 SF Park West Plaza Shopping Center in Plano

by Taylor Williams September 7, 2022

PLANO, TEXAS — JAH Realty, a retail investment firm with offices in Dallas and Oklahoma City, has acquired Park West Plaza, a 191,103-square-foot shopping center in Plano. The property sits on 17 acres and was 98 percent leased at the time of sale to tenants such as Aldi, Elliot’s Hardware, Nadine Floor Co., CiCi’s Pizza, Dairy Queen and Firehouse Subs. Los Angeles-based ASG Real Estate Co. sold the property to JAH Realty for an undisclosed price. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Southside Bank provided acquisition financing.

September 7, 2022

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