GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $32.4 million HUD construction loan for The Gibson, a 199-unit apartment community in the central metroplex city of Grand Prairie. The five-story building will be situated on a 4.4-acre site and will house studio, one- and two-bedroom units. Amenities will include a clubhouse, dog park and a rooftop terrace. Josh Sasouness of Dwight Capital originated the financing on behalf of the undisclosed borrower. Completion is slated for the first half of 2023.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.5 million acquisition loan for a portfolio of three industrial buildings totaling 225,000 square feet in Houston. The portfolio was built in phases, with the most current component delivered in 2019, and is occupied by metal products supplier G&H Diversified Manufacturing. Frank Montalto and Dean Giannakopoulos of MMCC arranged the 10-year loan, which carried a 65 percent loan-to-value ratio and five years of interest-only payments. The borrower was not disclosed.
The small balance multifamily lending industry is antiquated, leaving thousands of prospective borrowers behind in a booming market. Multifamily property owners need access to fast, reliable quotes and a streamlined approach to financing. The current industry practice of quoting from rate sheets does not present a holistic or dynamic picture for borrowers or lenders. Walker & Dunlop is offering an alternative approach with a new digital lending platform that utilizes machine learning to quickly provide customized quotes for small balance multifamily acquisition and refinance loans. The rapid pace of lending means that borrowers need strategic partnerships with small balance loan experts that provide personalized customer experience backed by the data science capabilities to pull comparables, as well as online tools that can both streamline and inform processes. Sponsored: As the #1 multifamily lender in the U.S., Walker & Dunlop is launching a digital lending platform that will deliver tailored quotes in minutes for acquisitions and refinances. The platform uses machine learning powered by millions of data points from Walker & Dunlop’s proprietary property database to offer clients accuracy, transparency and confidence from kickoff to closing. The State of Small Balance Lending Small multifamily properties account for roughly 85 percent of …
SAN ANTONIO — Dallas-based Rosewood Property Co. has broken ground on Phase II of Tobin Estates, a 311-unit multifamily project located on the north side of San Antonio. In addition to the 311 units that will be housed in four buildings, Phase II will feature a building with seven townhomes and additional amenities, including a 4,500-square-foot fitness center. Project partners include Oden Hughes Construction (general contractor), WDG Architecture, Pacheo Koch (civil engineer), B2 Architecture + Design (interior designer) and LandDesign (landscape architect). Completion of Phase II is slated for fall 2023.
MCKINNEY, TEXAS — New York City-based investment firm Thor Equities Group has sold a 129,914-square-foot industrial property located at 3601 N. McDonald St. in the northern Dallas suburb of McKinney for $20 million. Thor Equities acquired the building, which features a rear-load configuration, 130-foot truck court apron and an ESFR sprinkler system, in August 2021 via a joint venture with Morgan Stanley. Stream Realty Partners represented the joint venture in the deal. The buyer was not disclosed. Building B at the property totals 301,796 square feet.
SAN ANTONIO — New York City-based Lightstone Capital has provided an $11.8 million acquisition loan for Oak Hills Village, a 121-unit apartment complex in northwest San Antonio. The property, which is located less than a mile from South Texas Medical Center, was originally built in 1973 and offers a pool, clubhouse and a fitness center. The borrower, a partnership between investment firm The Brennan Pohle Group and San Diego-based Next Space Development, will use a portion of the proceeds to fund capital improvements. In addition, the new ownership will rebrand the property as The Oaks @ Medical Center.
RICHARDSON, TEXAS — Dallas-based Restaurant Properties Group has negotiated the sale of Atrium at North Creek, an 85,000-square-foot office building located at 2929 N. Central Expressway in the northeastern Dallas suburb of Richardson. According to LoopNet Inc., the property was built in 1983 and renovated in 2001. Andy Anderson of Restaurant Properties Group represented the buyer, a limited liability company, in the transaction. Tom Strohbehn of Younger Partners represented the seller, a limited partnership.
IRVING, TEXAS — Locally based brokerage firm Structure Commercial has arranged the sale of Imperial Square, a 68,492-square-foot retail center in Irving. At the time of sale, the center was fully leased to a tenant roster that includes FedEx-Kinkos. Allegiance Staffing and Mint Mobile. Eric Deuillet and Jake Burns of Structure Commercial represented the seller in the transaction. Greg Nelson and Brent Bosworth of Paladin Partners represented the buyer, Global Unique Logistics Corp.
By Conrad Madsen, SIOR, co-founder and partner, Paladin Partners; and Kipp Collins, partner, Paladin Partners Just 20 years ago, the conventional wisdom and commonly held belief throughout the Dallas commercial real estate scene was that office and retail were preferable sectors to be in versus industrial. Looking back and reflecting on how industrial has gone from ugly duckling to white swan in just 20 short years, we can’t help but be glad that we didn’t take that advice. Led by Amazon, e-commerce has truly changed the world, and certainly industrial real estate by extension. Everyone talks about how e-commerce is what’s driving the explosion of warehouse and distribution center development and absorption across Dallas-Fort Worth (DFW) and beyond. But the fact of the matter is, e-commerce still only accounts for about 14 percent of total retail sales, according to data from the U.S. Census Bureau. Think about that for a moment — the current proportion of 14 percent leaves a tremendous amount of room for additional growth. Demand for warehouse and distribution space is through the roof; developers can’t build warehouses fast enough these days, and yet the market is nowhere close to reaching its peak. Inventory Growth There is …
STAFFORD, TEXAS — Natixis, a French multinational finance firm, has provided a $118 million floating-rate acquisition loan for a pair of multifamily properties in the southwestern Houston suburb of Stafford. The adjacent properties, which total 931 units, include 1879 at The Grid and Arc at The Grid. Both communities are located within The Grid, a $500 million mixed-use development located at the site of the former Texas Instruments campus. The borrower was an affiliate of Lone Star Funds.