Texas

Presidium Breaks Ground on 283-Unit Multifamily Project in North Austin

by Taylor Williams March 16, 2021

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on Phase I of Presidium Waterford, a 283-unit multifamily project that will be located near The Domain in North Austin. Designed by Dallas-based O’Brien Architects and Atlanta-based Dwell Design Studio, the property will offer amenities such as a pool, fire pits, fitness center, office lounges and a bocce court. The first units are scheduled to be delivered in December 2022. Presidium is currently in the design stage of Phase II, which it estimates will include 350 units.

March 16, 2021

Development Retail Texas

Main Event to Open 48,559 SF Venue at Cottonwood Creek Market in Waco

by Taylor Williams March 16, 2021

WACO, TEXAS — Dallas-based entertainment concept Main Event will open a 48,559-square-foot venue at Cottonwood Creek Market, a 285,000-square-foot shopping center in Waco owned by Houston-based NewQuest Properties. Main Event will join Topgolf and a 14-screen Cinemark Holdings Inc. as the other entertainment anchors at the center, which is located near Baylor University’s campus on the city’s southwest side. Main Event’s new location will feature 20 bowling lanes, multi-level laser tag areas and a virtual reality gaming space, along with food and beverage offerings. Construction is scheduled to begin this month and to be complete in the first quarter of 2022. Austen Baldridge represented NewQuest Properties in the lease negotiations on an internal basis. Dawn Greiner of SRS Real Estate Partners represented Main Event. Topgolf and Cinemark are scheduled to open this spring and summer, respectively.

March 16, 2021

Loans Retail Texas

Terrydale Capital Arranges $1.7M Acquisition Loan for Retail Asset Near Fort Worth

by Taylor Williams March 16, 2021

SOUTHLAKE, TEXAS — Locally based financial intermediary Terrydale Capital has arranged a $1.7 million acquisition loan for a retail property in the Fort Worth suburb of Southlake. Driver’s Edge Auto Repair occupies the single-tenant property. Quinn Conway of Terrydale Capital arranged the loan, which was structured with a fixed 3.25 percent interest rate for five years and a 25-year amortization schedule, through an undisclosed bank. The borrower was also undisclosed.

March 16, 2021

Development Hospitality Industrial Texas Top Stories

Royal Caribbean, Port of Galveston Move Forward with $100M Cruise Ship Terminal in Texas

by Taylor Williams March 16, 2021

GALVESTON, TEXAS — A public-private partnership between Royal Caribbean International and the Port of Galveston, located in Southeast Texas, is moving forward with development of a new $100 million cruise ship terminal. The partnership will develop the two-story property within an eastern section of the port known as Pier 10 and will harbor one of the Miami-based cruise line’s largest ships, the Allure of the Seas. Construction of the facility, which will span approximately 170,000 square feet and 10 acres, is set to begin in April for completion in fall 2022. The project was originally announced in December 2019. At that time, construction was expected to begin in April 2020 and wrap up in fall 2021. Those plans were significantly delayed by the outbreak of COVID-19, which hurt the cruise industry as part of the larger hospitality sector. The facility will feature state-of-the-art technology, including mobile check-in and facial recognition platforms to expedite guests’ arrival. The plans also include a staging and loading area; bus and taxi staging areas; and substantial parking space. The terminal is designed to meet LEED certification standards. The partnership between Royal Caribbean and the Port of Galveston dates back to 2002, when the luxury cruise …

March 16, 2021

Affordable Housing Build-to-Rent Finance Insight Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Western

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels March 16, 2021

NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

March 16, 2021

Acquisitions Multifamily Texas

Sterling Equities Buys 364-Unit Flatiron | Domain Apartments in Austin

by Taylor Williams March 15, 2021

AUSTIN, TEXAS — New York-based Sterling Equities has purchased Flatiron | Domain, a 364-unit luxury apartment building located within the 300-acre Domain mixed-use development on Austin’s north side. Built in 2019, the community offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center and a coffee shop with workspaces. Patton Jones of Newmark represented the seller, Texas-based Stonelake Capital Partners, in the off-market transaction. The property was 93 percent occupied at the time of sale.

March 15, 2021

Acquisitions Multifamily Texas

Greystone Brokers Sale of 424-Unit Lakeside Apartments in Dallas

by Taylor Williams March 15, 2021

DALLAS — Greystone has brokered the sale of Lakeside Apartments, a 424-unit multifamily community located near the corner of Walnut Hill and Central Expressway in Dallas. Built in 1979, the property features a mix of one- and two-bedroom units and amenities such as a pool, clubhouse and a business center. The buyer and seller, both of which requested anonymity, were respectively based out of California and Texas. Chibuzor Nnaji and Mark Allen of Greystone brokered the deal.

March 15, 2021

Acquisitions Multifamily Texas

CAF Capital, Trinity Sell 360-Unit Multifamily Community in San Antonio

by Taylor Williams March 15, 2021

SAN ANTONIO — A partnership between Dallas-based CAF Capital Partners and Trinity Private Equity Group has sold Overlook at Stone Oak Park, a 360-unit multifamily community in San Antonio. Built on 27 acres in 2014, the garden-style property consists of 18 residential buildings, a clubhouse, pool and a fitness center. The average unit size is 986 square feet. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the partnership in the transaction. The duo also procured the buyer, Univest Inc.

March 15, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Provides $12.2M Agency Loan for Refinancing of Dallas Affordable Housing Property

by Taylor Williams March 15, 2021

DALLAS — Bellwether Enterprise has provided a $12.2 million Fannie Mae loan for the refinancing of Villas del Solamar, a 212-unit affordable housing property in Dallas. Anthony Tarter of Bellwether originated the loan through Fannie Mae’s Healthy Housing Rewards program, in which the sponsor, San Diego-based Comunidad Realty Partners (CRP), will self-impose rental restrictions. As such, CRP is restricting 60 percent of the community’s units are reserved for renters earning 60 percent or less of the area median income and will receive a discount on the interest rate of the loan.

March 15, 2021

Acquisitions Texas

J. Beard Arranges Sale of 24.7-Acre Development Site in Metro Houston

by Taylor Williams March 15, 2021

SPRING, TEXAS — The J. Beard Real Estate Co. has arranged the sale of a 24.7-acre development site at 5807 Spring Stuebner Road in the northern Houston suburb of Spring. Diana Gaines of J. Beard represented the seller, Estancia LLC, in the transaction. Brad Dill of BD Realty Advisors represented the undisclosed buyer. Future development plans for the site were not disclosed.

March 15, 2021

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