CARROLLTON, TEXAS — Illinois-based investment and development firm ML Realty Partners has purchased a 72,000-square-foot industrial building located at 2520 Marsh Lane in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1997 and offers 24-foot clear heights and 7,325 square feet of office space. Dan Spika of Henry S. Miller (HSM) Brokerage represented ML Realty Partners in the transaction. Jim Turano, also with HSM, represented the undisclosed seller.
AUSTIN, TEXAS — New York City-based Ready Capital has closed a $3.2 million Freddie Mac loan for the acquisition, renovation and stabilization of a 32-unit apartment complex in North Austin. The nonrecourse, interest-only loan featured a floating interest rate, 24-month term, two extension options and a facility to fund future capital improvements. The name of the property and sponsor were not disclosed.
FORT WORTH, TEXAS — Stonemont Financial Group has broken ground on DFW Point35, a 485,680-square-foot industrial project located less than three miles from the AllianceTexas master-planned community in Fort Worth. The development will consist of two rear-load warehouses totaling 218,400 and 267,280 square feet. Building features include 32-foot clear heights, ample car and trailer parking and contemporary office space. Completion is slated for summer 2022. Lee & Associates is marketing the property for lease.
NEW BRAUNFELS, TEXAS — Locally based firm Casey Development is underway on construction of Tacara at Gruene, a 300-unit apartment community that will be located outside of San Antonio in New Braunfels. Units will be available in one-, two- and three-bedroom formats and will feature granite or quartz countertops and stainless steel appliances. Communal amenities will include a pool, fitness center, clubhouse, dog park and a demonstration kitchen. Brent Crawford, David Aaronson and Frances Rogers of CBRE arranged an undisclosed amount of construction financing for the project, which is expected to be complete in fall 2022. The loan carried a five-year term and 36 months of interest-only payments.
THE WOODLANDS, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Havenwood Office Park, a 240,000-square-foot complex in The Woodlands, about 30 miles north of Houston. Warren Hitchcock of Northmarq arranged the fixed-rate loan, which carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. The direct lender and borrower were not disclosed.
AUSTIN, TEXAS — Miro, an online whiteboard platform designed for distributed team collaboration, has signed a 72,000-square-foot office lease at Colorado Tower in downtown Austin. Owned by Atlanta-based Cousins Properties, the 373,334-square-foot building opened in 2015 and offers two onsite restaurants, a fitness center and conference facilities. Mark Harris and Jake Ragusa of JLL represented Miro, which plans to occupy three floors beginning next spring, in the lease negotiations. Rachel Coulter, Bethany Perez, Travis Rogers and Coleman Jackson, also with JLL, represented the landlord.
AUSTIN, TEXAS — New York City-based Ready Capital has closed a $9.1 million loan for the acquisition, renovation and stabilization of a 90-unit multifamily property located in the Heritage Hills submarket of Austin. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding capital improvements. The undisclosed sponsor also plans to convert half the residences into affordable housing.
DALLAS — RREAF Holdings, in partnership with DLP Capital and 3650 REIT, has acquired a 21-property multifamily portfolio for $534 million. The portfolio — named TransCoastal 21 — consists of 4,000 units located in Georgia, Alabama, Florida, Texas, Arkansas, Louisiana and North Carolina. RREAF’s multifamily division acquired the communities from three different sellers, the names of which were undisclosed. RREAF’s in-house property management company, RREAF Residential, will manage 16 of the 21 assets, with DLP Real Estate Management managing the remaining five. Properties include: 2626 Park, located at 2626 E. Park Ave. in Tallahassee, Fla. Ascend at Savannah, located at 10714 Abercorn St. in Savannah, Ga. Ascend Midtown, located at 2200 E. Victory Drive in Savannah, Ga. Azure Cove, located at 1326 US-80 in West Garden City, Ga. Carriage House, located at 125 Tibet Ave. in Savannah, Ga. Falls at Spring Creek, located at 1900 Wesleyan Drive in Macon, Ga. Kessler Point, located at 901 Kessler Court in Garden City, Ga. Legacy at River Crossing, located at 1800 Wesleyan Drive in Macon, Ga. Mill Creek, located at 802 Limestone Circle in Russellville, Ark. Park Place, located at 400 Park Ave. in Foley, Ala. Pelican Pointe, located at 3400 Pelican Pointe …
HOUSTON — Locally based developer BHW Capital has broken ground on Park on Napoli, a 239-unit multifamily project in northwest Houston. Park on Napoli will offer one- and two-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse with coworking space. Houston-based Mucasey & Associates is the project architect, and Blazer Building is the general contractor. Texas Capital Bank provided construction financing. The first units are expected to be available for occupancy in fall 2022, with full completion slated for the first quarter of 2023.
DENTON, TEXAS — New York City-based Dwight Capital has provided a $25.8 million loan for the refinancing of Majestic Parc, a 217-unit apartment complex located in the North Texas city of Denton. Built between 2018 and 2019, the property consists of six three-story buildings on a 10-acre site. Amenities include a pool, fitness center, community room and walking trails. Daniel Malka of Dwight Capital originated the financing. Fisher Wells of Greysteel arranged the debt. The borrower was not disclosed.