Texas

PCCP Provides $30M Acquisition Loan for Houston Multifamily Property

by Taylor Williams April 26, 2021

HOUSTON — Los Angeles-based PCCP LLC has provided a $30 million acquisition loan for Alexan Southside, a 270-unit multifamily property located at 4139 Bellaire Blvd. within Houston’s inner loop. The borrower was Lubbock-based Madera Residential. Built in 2017, the four-story property consists of 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet. Units are furnished with stainless steel appliances, custom cabinets, granite/quartz countertops, nickel fixtures and individual washers and dryers. Amenities include a pool, fitness center, business center, private courtyards, grilling areas and a private dining room.

April 26, 2021

Development Healthcare Texas

Testa Rossa Properties Tops Out 10-Story Medical Office Building in Houston

by Taylor Williams April 26, 2021

HOUSTON — Locally based developer Testa Rossa Properties has topped out Museo Medical Office Building, a 10-story, 364,000-square-foot healthcare project located at 5115 Fannin St. in Houston. Designed by PJMD Architects and Dallas-based Huitt-Zollars, the project will house users such as Texas Laparoscopic Consultants and Mann Eye Institute. Completion is slated for the fall.

April 26, 2021

Development Hospitality Texas

RREAF Holdings Completes Construction of 240-Room Hotel in Southlake, Texas

by Taylor Williams April 26, 2021

SOUTHLAKE, TEXAS — RREAF Holdings has completed construction of the 240-room Delta Hotel Dallas Southlake. Designed by Merriman Anderson Architects, the six-story property features 10,000 square feet of meeting and event space, a restaurant and bar, outdoor pool and patio and a coffee shop. Hill & Wilkinson served as the general contractor. Construction began in July 2019.

April 26, 2021

Loans Multifamily Oklahoma Texas

NorthMarq Arranges $22.5M Loan for Refinancing of Oklahoma City Apartments

by Taylor Williams April 26, 2021

OKLAHOMA CITY — NorthMarq has arranged a $22.5 million bridge loan for the refinancing of The Restoration at Candlewood, a 328-unit apartment community in northwest Oklahoma City. The property features one-, two-, three- and four-bedroom units and amenities such as two pools, a clubhouse, fitness center, outdoor grilling areas, dog park and a children’s play area. Connecticut-based Avant Capital provided the financing, proceeds of which will be used to repay an existing first mortgage and to complete an ongoing renovation project. The borrower was not disclosed.

April 26, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Mag & May Apartments in Fort Worth

by John Nelson April 23, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mag & May, a 240-unit apartment community located within the Magnolia Urban Village development in Fort Worth. Built on two acres in 2019, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, clubroom and courtyards. Drew Kile, Michael Ware, Taylor Hill, Joey Tumminello and Will Balthrope of IPA represented the seller, Hudgins Cos., in the transaction. The team also procured the buyer, New York-based Abacus Capital Group.

April 23, 2021

Acquisitions Office Texas

West Star Marketing Brokers Sale of 142,000 SF Office/Warehouse Building in Houston

by John Nelson April 23, 2021

HOUSTON — Montgomery, Texas-based West Star Marketing Group has brokered the sale of a 142,000-square-foot office/warehouse building located on an 8.3-acre site within Westchase Business Park in Houston. The property is situated along Richmond Avenue in Houston’s Westchase district. A partnership between ABE Richmond LLC and Pinnacle West LLC purchased the asset from Houston-based Miracles Inc. for an undisclosed price. Tom Clarkson of West Star brokered the deal.

April 23, 2021

Leasing Activity Office Texas

NewRez Signs 60,188 SF Office Lease at 17000 Katy Freeway in West Houston

by John Nelson April 23, 2021

HOUSTON — National mortgage origination and servicing firm NewRez has signed a 60,188-square-foot lease at 17000 Katy Freeway, a 174,521-square-foot office building in West Houston. Eric Anderson and Parker Burkett of Transwestern represented the owner, an affiliate of Insite Realty Partners LP, in the lease negotiations. Marshall Clinkscales with Colliers International represented NewRez. With the signing of this transaction, the building is now 70 percent leased.

April 23, 2021

Acquisitions Healthcare Office Texas

Rycore Capital Acquires 58,517 SF Medical Office Building in Houston

by John Nelson April 23, 2021

HOUSTON — An affiliate of locally based investment firm Rycore Capital has acquired Bellaire Medical Plaza, a 58,517-square-foot medical office building located near the Texas Medical Center in Houston. The sale included a 3.6-acre parcel for future development. Kevin McConn and Brian Bacharach of JLL represented the seller, Ridgeline Capital Partners, in the transaction. Matt Kafka and Cameron Cureton of JLL arranged acquisition financing on behalf of Rycore Capital. The property was 88 percent leased at the time of sale to tenants such as UT Physicians, Quest Diagnostics, LabCorp. and Harris Health System.

April 23, 2021

Loans Multifamily Texas

Dwight Capital Provides $18.5M HUD Loan for Refinancing of West Texas Multifamily Asset

by John Nelson April 23, 2021

ODESSA, TEXAS — New York City-based Dwight Capital has provided an $18.5 million HUD loan for the refinancing of Brady Station Apartments, a 262-unit multifamily asset located in the West Texas city of Odessa. The property consists of 18 buildings and features amenities such as a pool, tennis court, dog park, playground and a putting green. Kevin Lifshitz and Jacob Gauptman of Dwight Capital originated the loan on behalf of the borrower, an affiliate of Iowa-based BH Equities LLC.

April 23, 2021

Development Industrial Texas

Charah Solutions to Redevelop 6,166-Acre Coal-Fired Electric Station in Grimes County, Texas

by Taylor Williams April 22, 2021

HOUSTON — A subsidiary of Kentucky-based Charah Solutions has purchased and will redevelop the 6,166-acre Gibbons Creek Steam Electric Station & Reservoir in Grimes County, located northwest of Houston. The new ownership plans to redevelop the property to support solar, battery, and energy storage uses and will work with the Texas Commission on Environmental Quality (TCEQ) to complete all environmental remediation required for the property. Richard Shields, Richard Hanson, Marissa Rose and Tommy Leblanc of Avison Young advised Charah Solutions on the deal.

April 22, 2021

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