Texas

Newmark Brokers Sale of 192-Unit Joseph at Huebner Apartments in San Antonio

by Taylor Williams February 10, 2022

SAN ANTONIO — Newmark has brokered the sale of The Joseph at Huebner, a 192-unit apartment community in north-central San Antonio. Built in 1983, the 16-building complex features one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling areas and a dog wash station. Matt Michelson and Patton Jones of Newmark represented the seller, a partnership between RSN Property Group and Wildhorn Capital, in the transaction. The buyer, First Capital Advisors, an investment and management firm with offices in Austin and Chicago, plans to implement a value-add program.

February 10, 2022

Industrial Leasing Activity Texas

American Canning Signs 154,786 SF Industrial Lease Expansion at Park 183 in Austin

by Taylor Williams February 10, 2022

AUSTIN, TEXAS — American Canning, which provides packaging services for the beverage industry, has signed a 154,786-square-foot, full-building industrial lease expansion at Park 183 in southeast Austin. American Canning plans to take occupancy of its larger space at Building 5 this spring when it relocates from its 45,309-square-foot space in Building 2. A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners is developing the 950,000-square-foot park in phases. John Barksdale and Joe Novek of CBRE represented the landlord in the lease negotiations. CBRE’s Darryl Dadon represented the tenant.

February 10, 2022

Loans Office Texas

Thorofare Capital Provides Loan for Refinancing of Dallas Office Portfolio

by Taylor Williams February 10, 2022

DALLAS — Los Angeles-based Thorofare Capital has provided a loan of an undisclosed amount for the refinancing of a portfolio of 13 office buildings in the Dallas Design District. The buildings are newly converted and renovated flex office properties, and the borrower, Quadrant Investment Properties, plans to use some of the proceeds to complete renovations over the next few months Brian Carlton and Jim Curtin of JLL placed the loan with Thorofare Capital on behalf of Quadrant.

February 10, 2022

Loans Multifamily Texas

Ready Capital Closes $22.7M Acquisition Loan for Houston Apartments

by Taylor Williams February 10, 2022

HOUSTON — New York City-based Ready Capital has closed a $22.7 million loan for the acquisition, renovation and stabilization of an unnamed, 212-unit apartment complex in Houston’s Greenspoint submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

February 10, 2022

Hilary Provinse Multifamily Financing quote

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Multifamily Financing Outlook Positive Despite Volatility, Interest Rates

by Sarah Daniels February 10, 2022

2021 was an exciting year in the multifamily financing market, and for Berkadia mortgage banking — we originated over $40 billion in volume for our clients across our various lender programs, an increase of 50 percent over our 2020 volumes. Every lender in the market demonstrated a strong appetite for originating loans and increased their holdings of mortgages, which was crucial given that the Federal Housing Finance Agency (FHFA) lowered the caps for Fannie Mae and Freddie Mac to $70 billion each. While the final numbers haven’t been released yet, the Mortgage Bankers Association (MBA) projected the market would originate $578 billion of loans backed by commercial real estate in 2021, a 31 percent increase from 2020 ($442 billion) and just below 2019’s record volume of $601 billion. The fundamentals of the multifamily sector drove unbelievable rent growth, which in turn drove increased investor interest. In 2021, we advised on 762 investment sales transactions, totaling close to $27 billion in volume, a truly record-breaking year for us! This tremendous investor appetite brought about an enhanced need for financing, and often more creative financing. With the government-sponsored enterprises (GSEs) more limited, life companies and commercial banks answered the call, but the …

February 10, 2022

Acquisitions Industrial Texas

ATCAP Partners, Brookfield Acquire 3.5 MSF National Industrial Portfolio

by Taylor Williams February 9, 2022

DALLAS — A joint venture between Dallas-based investment firm ATCAP Partners and global asset manager Brookfield has acquired a national portfolio of 51 industrial properties totaling approximately 3.5 million square feet. The exact locations of the properties were not disclosed, but the portfolio includes infill building in markets such as Dallas, Houston, Austin, Denver and Oklahoma City. The seller and sales price were also undisclosed. The portfolio was 94 percent leased at the time of sale. Eastdil Secured represented ATCAP in the deal.

February 9, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 333-Unit Broadstone Knox District Apartments in Dallas

by Taylor Williams February 9, 2022

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Broadstone Knox District, a 333-unit apartment community in the Knox-Henderson area of Dallas. Built on 5.5 acres in 2021, the property features one- and two-bedroom units with an average size of 886 square feet. Amenities include a pool, fitness center, dog park, business lounge, demonstration kitchen, golf simulator, outdoor gaming area and a rooftop lounge. Michael Ware, Drew Kile, Joey Tumminello, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between Arizona-based Alliance Residential Co. and Goldman Sachs Asset Management, in the transaction. The buyer was an undisclosed institutional investor.

February 9, 2022

Development Multifamily Seniors Housing Texas

LifeCare, ERG Enterprises to Develop 100,000 SF Seniors Housing Property in Lubbock

by Taylor Williams February 9, 2022

LUBBOCK, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment group ERG Enterprises have unveiled plans for The Blake at Lubbock, a seniors housing community in West Texas. The number of units was not disclosed. The property will offer assisted living and memory care units. Blake Management Group will operate the property upon completion, which is slated for 2023.

February 9, 2022

Loans Multifamily Texas

Ready Capital Closes $41.3M Acquisition Loan for Houston Apartment Community

by Taylor Williams February 9, 2022

HOUSTON — New York City-based Ready Capital has closed a $41.3 million loan for the acquisition, renovation and stabilization of an unnamed, 449-unit apartment community in Houston’s Clear Lake submarket. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate, two extension options and a facility to fund capital improvements. The name of the sponsor was not disclosed.

February 9, 2022

Leasing Activity Retail Texas

AutoZone to Open 33,000 SF ‘Mega Hub Store’ at Southbridge Plaza in South Austin

by Taylor Williams February 9, 2022

AUSTIN, TEXAS — AutoZone has signed a lease to open a 33,000-square-foot “mega hub store” at Southbridge Plaza in South Austin. The automotive retailer will operate its store, which will feature an expanded selection of parts and accessories, out of a 46,000-square-foot space that formerly housed an H-E-B grocery store. The remaining 13,000 square feet is leased to Hispanic grocer Casa Grande Supermercado. Cam Longmire and Gabe Sanchez of Weitzman represented the undisclosed landlord in the lease negotiations. Austin-based broker Edwin Williams represented AutoZone. Other tenants at Southbridge Plaza include Dollar Tree, Sherwin-Williams, Taco Bell, McDonald’s and Wingstop.

February 9, 2022

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