Texas

Frost-Tower-Fort-Worth

FORT WORTH, TEXAS — Infrastructure design firm HNTB Corp. has signed an office lease at Frost Tower, a 314,879-square-foot building in downtown Fort Worth. The property was completed in 2018 and offers a full-service restaurant, conference and event center, elevated outdoor patio areas and wine lockers. Seth Koschak and Cullen Donohue of Stream Realty Partners represented the landlord, Anthracite Realty Partners, in the lease negotiations. Sven Sykes, Brad Balke, Daniel Rudd and Billy Vahrenkamp of Colliers International represented the tenant

FacebookTwitterLinkedinEmail

DALLAS — NAI Robert Lynn has negotiated a 26,418-square-foot office sublease for Texas-based Veritex Community Bank at 12750 Merit Drive, a newly renovated building in North Dallas. Veritex Bank is expanding its footprint in Dallas, and the new space will accommodate about 150 of the company’s 700 total employees. Amenities at the property include a conference center, fitness center, tenant lounges and a deli. Kent Smith of NAI Robert Lynn and Dan Boyles of NAI Partners’ Houston office represented Veritex Bank in the lease negotiations. The name and representative of the original tenant and landlord were not disclosed.

FacebookTwitterLinkedinEmail

AUSTIN, TEXAS — KeyBank Real Estate Capital has provided $20 million in Freddie Mac financing for Heritage Estates at Owen Tech, a 174-unit affordable housing project coming to Austin. The property will be situated on five acres and will consist of 102 one-bedroom units and 72 two-bedroom units ranging in size from 614 to 1,131 square feet. The majority (85 percent) of the units will be reserved for renters earning 60 percent or less of the area median income, and about 10 percent of the units are restricted to renters earning 40 percent of the AMI. Construction is scheduled to be complete by early 2022. Robbie Lynn of KeyBank structured the loan, which carries a fixed interest rate, 17-year term and a 40-year amortization schedule. The borrower is a partnership between Dallas-based Generation Housing Development, developer Hill Tide Partners and the Austin Affordable Housing Corp. The borrowers also secured low-income housing tax credits from the Texas Department of Housing and Community Affairs and tax-exempt bonds issued by the Housing Authority of the City of Austin to fund the development of Heritage Estates at Owen Tech.

FacebookTwitterLinkedinEmail

DALLAS — Developer Todd Interests is nearing completion of the redevelopment of the former First National Bank Tower in downtown Dallas, a project that will add 219 hotel rooms under Hyatt’s Thompson brand to the local supply. The new hotel will feature two rooftop restaurant and bar concepts, a pool, fitness center, spa and pet parks, as well as 22,000 square feet of meeting and event space. The hotel is slated to open in November.

FacebookTwitterLinkedinEmail

DALLAS — Tricon Precast, a provider of concrete products, has signed a 98,259-square-foot industrial lease at 5200 E. Grand Ave., a few miles east of downtown Dallas. According to LoopNet Inc., the property features 19-foot clear heights and 200 parking spaces. Josh Barnes and Canon Shoults of Holt Lunsford Commercial represented the landlord, HLC Investments, in the lease negotiations. Matthew Perry-Miller of Laughlin Commercial Realty Group represented the tenant.

FacebookTwitterLinkedinEmail

LONGVIEW, TEXAS — Cambridge Realty Capital has provided a $3.9 million HUD loan for the refinancing of Summer Meadows, a 115-bed skilled nursing facility in Longview, about 100 miles east of Dallas. Hymie Barber of Cambridge originated the loan through HUD’s 223(a)(7) program for the borrower, a New York-based limited liability company. The 223(a)(7) product is used exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.

FacebookTwitterLinkedinEmail

SAN ANTONIO — NAI Partners has negotiated an 11,380-square-foot industrial lease at Isom Business Center, a 175,000-square-foot development in north central San Antonio. The property consists of three buildings that offer 18-foot clear heights and both grade-level and dock-high loading doors. Carlos Marquez and Colten Courtney of NAI Partners represented the tenant, solar products distributor Solwel, in the lease negotiations.

FacebookTwitterLinkedinEmail
Austin multifamily occupancy rent growth

“After COVID-19, nothing ever will be the same,” has become a common refrain these days. Perhaps for the next decade or so, every important life choice will be made with public health and safety concerns in mind — and the most commonly chosen solutions will be meaningfully different than before. Among the most fundamental life choices subject to this new scrutiny will be where to live, how to make a living and how to safely move about. Many Americans will opt for less densely populated neighborhoods, increased work-from-home opportunities and private transportation options. When the time arrives to put plans into action, however, most will elect to take small steps rather than a giant leap. Perhaps the high-rise apartment and subway ride to a co-working space can be sacrificed, but not at the expense of convenience, access to nightlife and entertainment and career prospects. Urbanity isn’t out of style, but its form will mutate. Some U.S. metros will struggle to adapt, including a few primary markets. Others seem to be attuned to the times, blessed with all of the now prized attributes already in place. None is more perfectly positioned than Austin. Austin checks all the boxes. It is less …

FacebookTwitterLinkedinEmail
Westminster-Austin

AUSTIN, TEXAS — Ziegler has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. Senior living owner-operator LCS has managed the 9.3-acre property since 1981. The community currently comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The expansion project will add a five-story building with 43 independent living apartments, 38 memory care units, 36 assisted living units and additional dining, parking and amenity areas. The project will also deliver a five-story building with a fitness center, physical therapy space, salon, clinic, 15 spaces of underground parking and 18 independent living apartments. Truist provided the financing, which consisted of $63.9 million in bank bonds and a $47 million loan that was structured with a 12-year term and a 30-year amortization schedule. A construction timeline for the expansion project was not released.

FacebookTwitterLinkedinEmail
Empire-West-Business-Park-Brookshire

BROOKSHIRE, TEXAS — Stream Realty Partners has broken ground on Empire West Business Park, a speculative industrial project that is situated on 300 acres in the western Houston suburb of Brookshire. Designed by Houston-based Powers Brown Architecture, the property fronts Interstate 10 and U.S. Highway 90. The initial phase of the project will consist of roughly 1 million square feet of space across three buildings while the second phase will focus more on build-to-suit opportunities and potential sales to corporate end users. The project team includes general contractor Rosenberger Construction and engineering firms BGE Inc., LJB Inc. and Cope Engineering. Stream Realty is underway with site infrastructure work at Empire West, including detention, roads, wastewater and water that will serve the park. The developer expects to complete the Phase I buildings in spring 2021.

FacebookTwitterLinkedinEmail