Texas

JLL Negotiates Sale of 144,128 SF Industrial Facility in Allen, Texas

by Taylor Williams January 26, 2022

ALLEN, TEXAS — JLL has negotiated the sale of a 144,128-square-foot industrial facility in the northeastern Dallas suburb of Allen that is fully leased to KONE, a provider of elevator and escalator systems. The complex was constructed in 2016 and consists of a 121,852-square-foot building with 28-foot clear heights and a seven-story, 22,276-square-foot elevator testing tower with office space. Stephen Bailey, Dustin Volz, Dom Espinosa, Wesley Gilmer and Beth Copeland of JLL represented the seller, Houston-based Sentinel Capital, in the transaction. Tradition Senior Living LP purchased the property for an undisclosed price via a 1031 exchange as part of an effort to increase its exposure to other asset classes.

January 26, 2022

Affordable Housing Development Loans Multifamily Texas

MVAH Partners Underway on 226-Unit Mixed-Income Housing Project in Plano

by Taylor Williams January 26, 2022

PLANO, TEXAS — Ohio-based developer MVAH Partners LLC is underway on construction of K Avenue Lofts, a 226-unit mixed-income housing project in the northern Dallas suburb of Plano. Within the five-story building, 79 percent of the units will be reserved for households earning 60 percent or less of the area median income (AMI). The remaining residences will be rented at market rates. Amenities will include a leasing office/clubhouse, crafts room, fitness center, business center, media room, pet park, playground and a pool. Completion is slated for summer 2023. David Lacki and Alton Tinker of KeyBank originated a $39.6 million construction loan for the project. The Plano Housing Authority issued $19 million in bonds that were sold by KeyBanc Capital Markets, and $19 million of KeyBank’s construction loan will serve as collateral for the bondholders. In addition, The Texas Department of Housing and Community Affairs awarded Low Income Housing Tax Credits for the deal.

January 26, 2022

Loans Multifamily Texas

Dwight Capital Provides $32.4M HUD Construction Loan for Gibson Apartments in Metro Dallas

by Taylor Williams January 26, 2022

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.

January 26, 2022

Industrial Loans Texas

MMCC Arranges $18.5M Acquisition Loan for Houston Industrial Portfolio

by Taylor Williams January 26, 2022

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.

January 26, 2022

Alison Williams Walker Dunlop Small Balance Lending

Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Small Balance Lending Evolves with Technology

by Sarah Daniels January 25, 2022

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 …

January 25, 2022

Acquisitions Multifamily Texas

Rosewood Property Breaks Ground on 311-Unit Multifamily Project in San Antonio

by Taylor Williams January 25, 2022

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.

January 25, 2022

Acquisitions Industrial Texas

Thor Equities Sells Metro Dallas Industrial Property for $20M

by Taylor Williams January 25, 2022

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.

January 25, 2022

Loans Multifamily Texas

Lightstone Capital Provides $11.8M Acquisition Loan for San Antonio Apartments

by Taylor Williams January 25, 2022

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.

January 25, 2022

Acquisitions Office Texas

Restaurant Properties Group Negotiates Sale of 85,000 SF Office Building in Metro Dallas

by Taylor Williams January 25, 2022

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.

January 25, 2022

Acquisitions Retail Texas

Structure Commercial Arranges Sale of 68,492 SF Retail Center in Irving

by Taylor Williams January 25, 2022

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.

January 25, 2022

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