Texas

Fifth Third Bank, Pearlmark Provide Construction Financing for 336-Unit Dallas Apartment Community

by Taylor Williams June 20, 2022

DALLAS — Fifth Third Bank and Chicago-based Pearlmark have provided construction financing for Resia National Dallas, a 336-unit apartment community that will be located in the North Oak Cliff/West Dallas submarket. The property will feature one-, two- and three-bedroom units, including 17 affordable housing residences. Amenities will include a pool, fitness center and a business center. Fifth Third Bank provided a senior loan of an undisclosed amount, and Pealmark originated the $11.1 million junior loan. The borrower was Miami-based Resia, formerly known as AHS Residential. Completion is slated for the third quarter of 2023.

June 20, 2022

Development Multifamily Texas

HighPark Capital Underway on 288-Unit Multifamily Project in Melissa, Texas

by Taylor Williams June 20, 2022

MELISSA, TEXAS — Dallas-based HighPark Capital is underway on construction of Farmhouse 121, a 288-unit multifamily project located north of Dallas in Melissa. Farmhouse 121 will offer one- and two-bedroom units and amenities such as a pool, fitness center, a resident lounge with coworking areas and a dog park. Completion is slated for the first quarter of 2023. Project partners include construction lender Third Coast Bank, general contractor Brownstone Construction and designer Cross Architects.

June 20, 2022

Acquisitions Office Texas

Newmark Negotiates Sale of 248,661 SF HQ53 Office Building in Plano

by Taylor Williams June 20, 2022

PLANO, TEXAS — Newmark has negotiated the sale of HQ53, a 248,661-square-foot office building in Plano’s Legacy submarket that is fully leased to third-party hotel management firm Aimbridge Hospitality. The five-story building was constructed in 2021 and offers a fitness center, conference facility and a tenant lounge. Chris Murphy, Gary Carr, Robert Hill and Chase Tagen of Newmark represented the seller, locally based developer Cawley Partners, in the transaction. San Francisco-based Drawbridge Realty purchased HQ53 for an undisclosed price.

June 20, 2022

Development Hospitality Texas

Pacific Hospitality Begins Renovation of 194-Room Hotel Granduca Austin

by Taylor Williams June 20, 2022

AUSTIN, TEXAS — Southern California-based Pacific Hospitality Group has begun the renovation of the 194-room Hotel Granduca Austin. The boutique hotel is located at 320 South Capital of Texas Highway and spans 190,000 square feet. The project will comprise the addition of a new spa, the redesign of the signature restaurant and the renovation of the pool deck and lobby. Completion is slated for the fall.

June 20, 2022

Loans Multifamily Texas

Lument Provides Five Agency Loans Totaling $16.1M for Texas Multifamily Assets

by Taylor Williams June 20, 2022

NEW YORK CITY — Lument has provided five Freddie Mac loans totaling $16.1 million for the refinancing of four multifamily properties totaling 312 units in Texas. Three of the properties are located in Amarillo, and one is in Wichita Falls. Owen Breheny led the transaction for Lument on behalf of the borrower, Trans Pacific Construction Inc. Doug Solether of Commercial Real Estate Finance Co. of America served as the correspondent broker on the deal.

June 20, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 673,150 SF Office Complex in North Dallas

by Taylor Williams June 17, 2022

DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.

June 17, 2022

Development Multifamily Texas

Bainbridge to Develop 291-Unit Multifamily Project in New Braunfels, Texas

by Taylor Williams June 17, 2022

NEW BRAUNFELS, TEXAS — Florida-based developer The Bainbridge Cos. has acquired 14 acres in the northeastern San Antonio suburb of New Braunfels for the construction of a 291-unit multifamily project named Bainbridge Creekside. The garden-style community will offer one- and two-bedroom units ranging in size from 838 to 1,094 square feet. Amenities will include a pool, fitness center, outdoor grilling and dining areas, clubhouse with gaming and lounging areas, a cybercafé, teleworking offices and a pet park. A construction timeline has not yet been finalized.

June 17, 2022

Loans Multifamily Texas

NewPoint Provides $14M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams June 17, 2022

DALLAS — NewPoint Real Estate Capital has provided a $14 million bridge loan for the acquisition of Chesapeake Apartments, a 127-unit multifamily complex in northeast Dallas that was built in 1982. The property offers one- and two-bedroom units, two pools and a business center. The interest-only loan carries a floating interest rate and an initial two-year term with three one-year extension options. Vincent Langan of NewPoint originated the financing, which John Brickson of McKinney Realty Capital arranged. The borrower, a partnership between GBB Multifamily, Admirable Group and Prime Investment Holdings, will use a portion of the proceeds to fund capital improvements.

June 17, 2022

Loans Multifamily Seniors Housing Texas

Greystone Provides $12.7M Acquisition Loan for Metro Dallas Skilled Nursing Facility

by Taylor Williams June 17, 2022

ROCKWALL, TEXAS — Greystone has provided a $12.7 million bridge loan for the acquisition of Highland Meadows Health & Rehab, a 120-bed skilled nursing facility in Rockwall, an eastern suburb of Dallas. The property offers private and semi-private residential units, as well as a salon and a library. D.J. Elefant of Greystone originated the nonrecourse, interest-only loan, which carries a 24-month term with one 12-month extension option. Helios Healthcare Advisors arranged the loan on behalf of the borrower, HACO Properties Inc.

June 17, 2022

Acquisitions Hospitality Texas

HREC Negotiates Sale of 63-Room Best Western Hotel in South Padre Island, Texas

by Taylor Williams June 17, 2022

SOUTH PADRE ISLAND, TEXAS — HREC Investment Advisors has negotiated the sale of the 63-room Best Western Beachside Inn in the coastal resort community of South Padre Island. Ketan Patel and Mark Rome of HREC represented the seller, a Florida-based limited liability company, in the transaction. An out-of-state investor purchased the hotel for an undisclosed price and will retain the Best Western flag.

June 17, 2022

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