FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $28.9 million construction loan for Legacy Riverside Senior Living Community, a 264-unit affordable project in Fort Worth. Units, which will feature studio, one- and two-bedroom options, will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a clubhouse, pool and walking paths. Phil Melton, Jeff Bradley and Cindy Hamm of Bellwether originated the loan on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction, which will develop the property in partnership with Garland Housing Finance Corp.
AUSTIN, TEXAS AND ATLANTA — Austin-based Roscoe Property Management (RPM) and Atlanta-based CF Real Estate Services (CF) have merged to create an entity that will provide third-party property management services to a portfolio of more than 84,000 multifamily units across 17 states. The combined organization will have more than 1,800 employees with nine regional offices across the country. RPM, the acquiring entity, will remain headquartered in Austin. “This merger truly expands our geographic reach, strengthens our organizations and provides significant opportunities for the future,” said Jason Berkowitz, president and founder of RPM. “While we will operate under the RPM brand nationally, leaders from both companies have formed a collective executive team that will guide the organization under our shared alignment of a ‘people-first culture.’”
MOUNTAIN VIEW, CALIF. — Google has announced plans to invest $7 billion in offices and data centers across the U.S. this year, creating 10,000 new full-time jobs across 19 states. The investment will include over $1 billion in the state of California; office expansions in Atlanta, Chicago, New York City and Washington, D.C.; and data center expansions in Nebraska, South Carolina, Virginia, Nevada and Texas. Further details on planned investments across the U.S. are below: South In the Southern U.S., Google will increase its investment in an existing South Carolina data center and its existing office campuses in Atlanta and Washington, D.C.; establish a new cloud engineering site in Durham, N.C.; open its first U.S. Google Operations Center in Southaven, Miss.; open a new office in Reston, Va.; and expand its data center in Virginia’s Loudon County. Midwest Earlier this year, Google established its first Minnesota office in Rochester and its new data centers in New Albany, Ohio, and Papillion, Neb., became operational. The company plans to expand its data center footprint in Nebraska over the course of 2021 and will begin further improvements at its Detroit, Chicago and Ann Arbor, Mich., offices. Texas Google’s new data center in Midlothian, …
Challenges abound for seniors housing: occupancies at historic lows, widespread outbreaks in 2020, steeply increased operating expenses all contribute to the industry difficulties Matt Pipitone, Seniors Housing Platform manager, M&T Realty Capital Corp., outlines when discussing the seniors housing outlook for 2021. When discussing this year and what needs to happen for the industry to recover, Pipitone explains, “The focus will be on the occupancy rebound. How much pent-up demand is there? We expect there to be some improvement in the near-term occupancies as they start climbing back towards more stabilized levels. However, it remains to be seen how quickly things will ramp back up. Each market will be different.” How have occupancy pressures impacted rents and incentives? How will newer projects continue to lease up? Pipitone knows there are many questions, but says “Overall, we hope to see things gradually improve throughout the rest of 2021. We still have a lot of confidence in our clients. They’re resilient, passionate about their residents (and residents’ families and staff) and they’ll persevere.” Watch as Pipitone discusses Fannie, Freddie, refinancing, bank involvement, lasting impacts from the pandemic and much more. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …
DALLAS — Locally based investment firm CanTex Capital, in partnership with New York City-based Imperium Capital, has acquired a 135,000-square-foot industrial complex in Dallas. The infill property is situated on 19.2 acres in the West Brookhollow submarket, adjacent to the Dallas Design District. Jarrod McCabe and Campbell Roach of JLL arranged an undisclosed amount of acquisition financing on behalf of the partnership for the deal. The seller was not disclosed.
IRVING, TEXAS — State Bank of Texas, a Dallas-based commercial lender with $1 billion in assets under management, will open a 48,000-square-foot office headquarters in Irving’s Las Colinas district. Dallas-based Malone Maxwell Dennehy Architects is designing the four-story, Class A project, with State Bank of Texas set to occupy the top two floors. Construction should commence by the end of the year and is expected to be completed mid-2023.
SAN ANTONIO — McLane Foodservice Distribution Inc., a subsidiary of Berkshire Hathaway-owned logistics firm McLane Co., has signed a 248,500-square-foot industrial lease at Foster Ridge Industrial Park in San Antonio. Fred Deal, Bob Luttrell, Michael Quint and Adam Faulk of Newmark represented the tenant, which is based in Temple, Texas, in the lease negotiations. Cavender & Hill represented the landlord, Foster Ridge M Owner LLC.
SAN ANTONIO — Lument, a subsidiary of ORIX Capital USA, has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Horizon Hill, a 273-unit multifamily asset in San Antonio that was built in 1982. John Sloot of Lument originated the debt, which was structured with a 10-year term, four years of interest-only payments and a 30-year amortization schedule. The sponsor, REEP Equity, purchased the property in 2018 and has since implemented a value-add program.
AMARILLO, TEXAS — General contractor Adolfson & Peterson Construction, in partnership with Potter County, has broken ground on the new District Courts Building, a 158,250-square-foot civic project in Amarillo. Designed by HOK Group, the five-story building will house courtrooms, a jury assembly room, county offices, holding areas and records storage space. Completion is slated for late 2022.
AUSTIN, TEXAS — Host Hotels & Resorts Inc. (NASDAQ: HST) has acquired the fee simple interest in the 448-room Hyatt Regency Austin for approximately $161 million in cash. The purchase price represents a capitalization rate of 10 percent and a 20 to 25 percent discount to pre-COVID pricing, according to HST. Hyatt will continue to manage the hotel under a long-term agreement. The seller was undisclosed. Situated on nearly six acres along Lady Bird Lake, the waterfront property is located near the city’s South Congress District and Zilker Park. The hotel’s rooms were renovated in 2015 and its meeting space was expanded in 2018. The property features 45,000 square feet of meeting space, including two ballrooms. There are also two food and beverage outlets as well as an outdoor pool and a fitness center. “As travel resumes, we expect the well-located Hyatt Regency Austin to benefit from a strong rebound led by Austin’s multiple leisure and business demand drivers that are anchored in world-renowned music festivals, sporting events and blue-chip corporations,” says James Risoleo, president and CEO of HST. “Additionally, we are encouraged by the reported contraction in Austin’s hotel construction pipeline relative to pre-pandemic levels and by the market’s …