LAREDO, TEXAS — New York-based Arbor Realty Trust Inc. has provided a $4 million Fannie Mae loan for the refinancing of Monaco Boulevard Apartments, a multifamily property in the Rio Grande Valley city of Laredo. The community was built in 2013 and totals 44 units. Jared Stein of Arbor provided the loan, which carries a 10-year term, fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
EL PASO, TEXAS — CBRE has brokered the sale of an 18,540-square-foot industrial building located at 1525 Magoffin Ave. in El Paso. According to LoopNet Inc., the single-tenant property was built in 1950. Chad McCleskey with CBRE’s El Paso represented the seller, Lanestone LLC, in the transaction. Ricardo Fernandez, also with CBRE, represented the buyer, Marivani LLC, which is expanding into a larger space for its commercial equipment sales business.
COPPELL, TEXAS — Business software developer Optym has signed a 17,327-square-foot office lease at Cypress Waters, a 1,000-acre mixed-use development by Billingsley Co. in Coppell, just outside DFW International Airport. Optym plans to relocate its headquarters from Gainesville, Fla., to the new space beginning in August. Marijke Lantz of Billingsley Co. represented the landlord internally in the lease negotiations. Christopher Fleeger of Morrow Hill represented Optym.
DALLAS — Over the next eight weeks, Amazon plans to hire approximately 1,500 people in preparation for opening its 2.3 million-square-foot fulfillment center at 1301 Chalk Hill Road, located approximately seven miles west of downtown Dallas. The facility is expected to be fully operational by May 31. Last fall, The Dallas Morning News reported that Amazon had signed a 20-year lease at the 101-acre facility, which had recently been acquired by Toronto-based Granite REIT. The property features 41-foot clear heights, 2,500 auto parking spaces and 300 trailer parking spaces. As the largest e-commerce firm in the world, Amazon is investing more than $800 million in the establishment of safety measures like temperature checks, enhanced cleanings, sanitation stations and onsite testing for COVID-19.
IRVING, TEXAS — JLL has arranged an undisclosed amount of construction financing for DFW Park 161, an industrial project near DFW International Airport in Irving that will eventually total more than 2.4 million square feet. The development team, a partnership between Invesco Real Estate and Perot Development Co., broke ground in late February on Phase I of the 196-acre project, which will feature about 1 million square feet of speculative space. DFW Park 161 will ultimately consist of four Class A buildings with cross-dock configurations, 32- to 40-foot clear heights and a total of 383 trailer parking spaces. Stephen Bailey, Dustin Volz and John Rose of JLL arranged the five-year construction loan on behalf of the development team.
COLLEGE STATION, TEXAS — Miami-based One Real Estate Investment has acquired Element at University Park, a 192-unit apartment community located about two miles from Texas A&M University in College Station. Built in 2000, the property features one- and two-bedroom units with stainless steel appliances and individual washers and dryers. Amenities include a business center, courtyard, tennis court and picnic area. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year Freddie Mac acquisition loan for the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured Electra Capital as an equity partner.
HOUSTON — EDGE Realty Partners Capital Markets has brokered the sale of a 49,865-square-foot retail center located at the junction of Interstate 45 and Monroe Boulevard in Houston. According to LoopNet Inc., the property was built on 1.9 acres in 1970. Tenants include Chinese restaurant Oriental Gourmet and Majestic Tuxedos. Burdette Huffman of EDGE Realty Partners represented the undisclosed seller in the transaction. The buyer was also undisclosed.
LAREDO, TEXAS — New York-based Arbor Realty Trust has provided a $3.2 million Fannie Mae loan for the refinancing of Bella Brisa Apartments, a 42-unit community located in the Rio Grande Valley city of Laredo. The property was built in 2012. Jared Stein of Arbor originated the loan, which was structured with a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.
FRISCO, TEXAS — Locally based developer Presidium has completed Phase I of Presidium at Edgestone, a multifamily project in the northern Dallas suburb of Frisco that will ultimately total 188 units. Designed by Cross Architects, Presidium at Edgestone will eventually offer amenities such as a pool, fitness center, media and game room, hair salon, cinema, bocce ball court and a dog park. Presidium expects to open the community this summer.