HOUSTON — Seattle-based lender Avatar Financial Group has provided a $7.3 million bridge loan for the refinancing of two garden-style multifamily properties in Houston. Donovan Village is a 78-unit complex on the city’s northwest side, and Station Apartments is a 60-unit complex in the Greater Heights area. The loan carries a two-year term and an a 70 percent loan-to-value ratio. The borrower was not disclosed.
SOCORRO, TEXAS — A partnership between Trammell Crow Co. and Barings has broken ground on Speedway Logistics, an 804,283-square-foot industrial project in Socorro, a border city located just southeast of El Paso. The two-building development will sit on a 60-acre site and will be constructed on a speculative basis. The buildings will total 426,868 and 377,415 square feet and will both feature feet cross-dock configurations and 36-foot clear heights. Powers Brown Architecture designed Speedway Logistics, and Catamount Constructors is serving as the general contractor. CBRE is the leasing agent. Bank OZK is financing construction of the project, which is expected to be complete next summer.
SAN MARCOS, TEXAS — Southern California-based Thorofare Capital has provided $36 million in financing for a three-building, 343,728-square-foot industrial project in the Central Texas city of San Marcos. The loan carries a floating interest rate, and the project is expected to be complete in September. The Thorofare team behind the transaction included Scott Sumida, Andrew Kim, Paul Hachigian, Paul Kim and Jason Campbell. The names of the direct lender and borrower were not disclosed.
DALLAS — Weitzman has arranged the sale of a 6.5-acre multifamily development site in southwest Dallas. The site is located at the corner of Illinois Avenue and Knoxville Street, across from the Dallas College Mountain View campus. Scott Smith and Corbin Tanenbaum of Weitzman represented the seller and occupant, the Templo De Alabanza Church, in the transaction. The buyer, Generation Housing Partners LLC, in partnership with the City of Dallas, will develop a mixed-income project on the site that will be known as HiLine Illinois.
HOUSTON — Partners Real Estate has brokered the sale of a 64,881-square-foot industrial building that was constructed on a speculative basis in South Houston. According to LoopNet Inc., the building at 510 S. Sam Houston Parkway E sits on a 4.7-acre site and was completed last year. Travis Land and A.J. Williams of Partners represented the seller in the transaction. Chase Spence and Jeff Peltier of Colliers represented the buyer. Both parties requested anonymity.
ALLEN, TEXAS — KONE Inc. has signed a 30,973-square-foot office lease renewal in Allen, a northeastern suburb of Dallas. The elevator and escalator provider will continue to occupy space on the third floor of Allen Place I, a 102,471-square-foot building that was completed in 2015, for another 10 years. Richmond Collinsworth and Jared Laake of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Melissa Holland and Gregg Raus of JLL represented the tenant.
AUSTIN, TEXAS — Locally based multifamily and student housing developer LV Collective, formerly known as Lincoln Ventures, has begun leasing Paseo, a 48-story apartment tower located at 80 Rainey St. in downtown Austin. Paseo offers 557 units in studio, one-, two- and three-bedroom floor plans, as well as four penthouses and a pool, deck and bar on the 12th floor with views of Lady Bird Lake. Residents also have access to a ground-level café and bar, a fitness center with a yoga studio, cold plunge and saunas and two floors of coworking space with private pods and conference rooms. Monthly rents start in the $1,900s for a studio apartment. Construction began in early 2023 and is expected to be fully complete in October.
SAN ANTONIO — Los Angeles-based PCCP LLC has provided a $42 million acquisition loan for Heritage Plaza, a 341-unit apartment community located at 227 Dwyer Ave. in downtown San Antonio. Built in 2020, Heritage Plaza offers studio, one- and two-bedroom units, 34 of which are subject to income restrictions. Residences are furnished with stainless steel appliances, kitchen islands, walk-in closets and balconies/patios in each unit. Amenities include a pool, fitness center, outdoor kitchen, rooftop terraces and a resident clubhouse, as well as 4,600 square feet of ground-floor retail space. The borrower was Austin-based RPM Living Investments.
LAREDO, TEXAS — Partners Real Estate has brokered the sale of a portfolio of three industrial buildings totaling 361,750 square feet in the Rio Grande Valley city of Laredo. The buildings, which are situated on a combined 20 acres at the nexus of interstates 35 and 69, have been fully occupied by the same unnamed tenants since the mid- to late-2000s. Shaffer Braun and Marc Peeler of Partners represented the buyer, Austin-based investment firm Evergen Equity, in the off-market transaction. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Local private equity firm SHIR Capital has completed Veer Apartments, a 174-unit multifamily adaptive reuse project in Austin. The project converted a former five-story Quality Inn hotel located just north of downtown into an apartment complex with two sets of studio floor plans. The conversion also added a fitness center and outdoor pool to the property to complement the existing business center, onsite laundry facilities and pet spa. Pfluger Architects designed the project, and Ava’s Construction served as the general contractor. Monthly rental rates at Veer start at $790, according to the property website