LEWISVILLE, TEXAS — Berkadia has provided an undisclosed amount of Fannie Mae permanent financing for Wellington Park, a 260-unit multifamily asset in the northern Dallas suburb of Lewisville. Built in 2005, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a playground. Charles Christensen, Vincent Punzi and Lowell Takahashi of Berkadia originated the loan on behalf of the undisclosed, California-based borrower.
LONGVIEW, TEXAS — JLL has negotiated the sale of Summer Lake, a 252-unit apartment community in Longview, about 100 miles east of Dallas. The property features one- and two-bedroom units averaging 852 square feet and amenities such as two pools, an outdoor grilling area, sports court, fishing lake and a dog park. Greg Toro and Steven Hahn Jr. of JLL represented the seller, Little Rock, Ark.-based BSR REIT, in the transaction. Mark Brandenburg and Chad Russell of JLL arranged acquisition financing on behalf of the buyer, Dallas-based Saxony Capital Management.
DALLAS — Gold’s Gym, a fitness chain founded in California in 1965 and now headquartered in Dallas, has filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code as it works to restructure its debt. In a statement issued earlier this week, the company said that the financial fallout from COVID-19 has forced it to permanently close about 30 company-owned gyms. The company also said that the filing would not impact its licensing division and was not associated with any of its locally owned franchise gyms. Gold’s Gym has about 700 locations worldwide.
AUSTIN, TEXAS — Texas Gov. Greg Abbott announced on Tuesday that he would expand the reopening of certain businesses and activities. Beginning Friday, May 8, retailers such as barbershops, nail salons, tanning salons and similar businesses may reopen provided they maintain six-foot distances between workstations. Public swimming pools may also reopen this Friday. Beginning Monday, May 18, office buildings and manufacturing plants that produce nonessential goods may also restart their operations at 25 percent of their normal occupancies. Abbott issued orders last week allowing retailers, restaurants, gyms and entertainment venues to resume business under limited capacity. Officials also announced the formation of surge response teams comprising members of the Texas Military Department, the Texas Emergency Medical Task Force and BCFS Health and Human Services. Surge response teams will serve nursing homes, prisons, packing plants and other facilities that experience flare-ups of COVID-19 by providing personal protective equipment, testing supplies, onsite staffing and assessment assistance. These teams will also work with local officials to establish health and social distancing standards to contain these outbreaks.
AUSTIN, TEXAS — Travis County Judge Sarah Eckhardt said on Tuesday that she is working to extend the Central Texas county’s stay-at-home order that expires on May 8, according to The Austin American-Statesman. Austin Mayor Steve Adler also said earlier this week that he supports an extended stay-at-home order throughout the state capital and its metro area. Texas Gov. Greg Abbott lifted the statewide stay-at-home order on Friday, May 1.
HOUSTON — NAI Partners, which provides brokerage and consultant services to the office, retail and industrial markets of Houston, Austin and San Antonio, has announced its intention to hire at least 20 new investment sales professionals across its three core markets by the end of 2020. The company cites its use of key technological platforms such as Google Earth Tour Builder, Matterport, Microsoft Teams and Zoom as critical to its ability to share information and deliver real-time solutions to clients amid the COVID-19 outbreak. The firm has made several new hires of late and has not laid off or furloughed any employees in its three primary markets since the pandemic began.
AUSTIN AND SAN ANTONIO — 37th Parallel Properties has acquired a portfolio of three apartment communities totaling 344 units in Austin and San Antonio. The properties include the 128-unit Bridgehead Apartments in Austin, the 132-unit Melrose Place Apartments in Austin and the 84-unit Tradewinds Apartments in San Antonio. The properties were built in the 1980s and had a collective occupancy of 97.6 percent at the time of sale. Cutt Ableson and Colin Marusak of Berkadia arranged an undisclosed amount of agency financing for the acquisition. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction.
DALLAS — Chicago-based NXT Capital has provided an undisclosed amount of acquisition financing for Toll Hill Office Park, a 248,000-square-foot office complex in Dallas. Building amenities include an onsite deli, common area, conference room, atrium seating areas with Wi-Fi and both surface and underground parking. Jason Piering of JLL placed the debt on behalf of the borrower, Balfour Pacific Capital. The seller was locally based developer Cawley Partners
CORSICANA, TEXAS — Marcus & Millichap has brokered the sale of Kenwood Heights, a 211-unit apartment community in Corsicana, about 65 miles south of Houston. The property was primarily built in the 1980s and spans 51 buildings. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Canada-based Republic Funds, in the transaction. The duo also procured the buyer, a Texas-based limited liability company that plans to implement a value-add program.
ADDISON, TEXAS — Real estate veteran Andy Anderson, formerly of Henry S. Miller, has formed Restaurant Properties Group, a new firm providing brokerage and consulting services to investors, owners and occupants of restaurant real estate. The company’s new office is located at 15305 Dallas Parkway in Addison on the city’s north side.
