DALLAS — Lument has provided a $15.5 million Fannie Mae loan for the refinancing of Redbird Trails Apartments, a 252-unit affordable housing property in South Dallas. The property was built in 1985 and offers one- and two-bedroom units. Approximately 20 percent of the units are reserved for renters earning 50 percent or less of the area median income (AMI), and 80 percent of the residences are reserved for renters earning 60 percent or less of AMI. Chad Musgrove of Lument originated the debt, which carried a 12-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower, which has owned and operated the community since 1992, will use a portion of the proceeds to fund capital improvements.
AUSTIN, TEXAS — California-based Hertz Investment Group has acquired a portfolio of three multifamily properties totaling 422 units in Austin. The portfolio consists of the 132-unit Amor, the 130-unit Feliz and the 160-unit Vida, all of which were built in the 1980s and are located in northwest Austin. The unit mix includes 52 studio, 234 one-bedroom and 136 two-bedroom apartments. Hertz Investment Group plans to implement a capital improvement program across the portfolio. Interior renovations will include quartz countertops, updated vinyl plank flooring and new plumbing. Building exteriors will receive new roofing, courtyard areas with fire pits, new fencing and the additions of dog parks and playgrounds.
DENTON AND FORT WORTH, TEXAS — Newmark has brokered the sale of Attiva Denton and Attiva Park, two seniors housing properties totaling 402 units in North Texas. The first property totals 240 units and is located in Denton, and the second property comprises 162 units and is located on the southern side of Fort Worth. Ryan Maconachy and Chad Lavender of Newmark represented the seller, Atlanta-based multifamily development and investment firm Cortland, in the transaction. The buyer(s) was not disclosed.
DALLAS — The Federal Deposit Insurance Corp. (FDIC) has signed a 163,000-square-foot office lease at Plaza of the Americas, a mixed-use development in the Dallas Arts District that consists of two 25-story towers, a Marriott-branded hotel and 20 retail and restaurant outlets. Keith Lavey, Victoria Abbasi, Charles Dilks, Matt Johnston, Kurt Stout, Connor Faught, Travis Ewert and Mary Stoner with Colliers International represented the tenant in the lease negotiations. Kim Brooks, Justin Miller, Paul Wittorf and Laney Underwood of Transwestern represented the landlord, a partnership between M-M Properties Inc and a fund managed by New York-based Clarion Partners.
WEBSTER, TEXAS — JLL has negotiated the sale of Galaxy II, a 106,168-square-foot office building in Webster, located southeast of Houston. Built in 2009, the five-story complex was fully leased at the time of sale to tenants including United Fire Group, IBI Group and APNetwork. Marty Hogan and Rick Goings of JLL represented the seller, an entity doing business as Houston-MDL LLC, and procured the buyer, an investment group led by TRC Capital Partners LLC. James Brolan of JLL arranged a five-year, fixed-rate acquisition loan through Independent Financial on behalf of the new ownership.
NORMAN, OKLA. — Colliers Mortgage has provided a $10.5 million Fannie Mae loan for the refinancing of a portfolio of market-rate multifamily properties totaling 314 units in Norman. The portfolio consists of five properties — Huntington Creek Apartments, Winshire Square Apartments, Willowbrook Apartments, Saratoga Springs and Sycamore Cottages — all of which are located within 15 miles of downtown Oklahoma City. Colliers originated the seven-year loan on behalf of the borrower, an entity doing business as Teelco Parent LLC.
MANVEL, TEXAS — Weitzman has broken ground on Phase I of Manvel Town Center, a 273-acre mixed-use project that will be located at the intersection of State Highways 288 and 6 in Manvel, a southern suburb of Houston. The centerpiece of the initial phase of construction is a 100,000-square-foot H-E-B grocery store that will include a fuel station and a car wash. The store is expected to open late next summer. All told, the development will consist of more than 1 million square feet of retail, entertainment, hospitality, medical and office space. In planning the project, Weitzman directed the development of key pieces of infrastructure, including a wastewater treatment plant, water plant, detention facilities, feeder road modifications and Kirby Drive, a new thoroughfare that borders the site.
DALLAS — Newmark has negotiated the sale of Granite Tower, a 241,378-square-foot office building in North Dallas. The 10-story, recently renovated building offers amenities such as a tenant lounge, conference center and fitness center. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was also not disclosed. Granite Tower was 92 percent leased at the time of sale.
HOUSTON — CBRE has arranged a $100.2 million loan for the refinancing of a portfolio of four multifamily properties located in Houston’s Westchase neighborhood totaling 1,330 units. Derek Fasulo and Frances Rogers of CBRE arranged the nonrecourse, floating-rate loan through an undisclosed bridge lender on behalf of the borrower, a joint venture doing business as Westchase Houston LLC. The loan was structured with a five-year term and 60 months of interest-only payments. The names of the properties were not disclosed.
IRVING, TEXAS — Bank of America has provided a $95 million loan for the refinancing of Urban Towers, an 850,000-square-foot office complex located on 11.2 acres in Irving. Built in 1982 and 1984, the property consists of a 22-story tower and a 17-story building with five- and seven-story parking structures, respectively. David Milestone of Newmark arranged the five-year loan on behalf of the borrower, San Diego-based Parallel Capital Partners Inc. At the time of the loan closing, Urban Towers was 82 percent leased to tenants such as The Pasha Group, Celanese, MultiPlan Inc. and Hyundai Merchant Marine.