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.
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.
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.
“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 …
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.
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.
WACO, TEXAS — Marcus & Millichap has arranged the sale of Simple Self Storage, a 233-unit facility located at 2172 E. Loop 340 in Waco. The property was built in phases between 2017 and 2018 and features 24,740 net rentable square feet of non-climate-controlled space. Units range in size from 25 to 200 rentable square feet, and the site includes roughly two acres for future expansion. Brandon Karr, Danny Cunningham and Bryan Quaschnick of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.
PORT ARTHUR, TEXAS — Lee & Associates has brokered the sale of a 26,503-square-foot industrial building located in Port Arthur, about 90 miles east of Houston. The property is situated on a 10.3-acre site about six miles from the Port of Port Arthur and features 18-foot clear heights and a 26 percent office finish. Trey Erwin and Justin Cole of Lee & Associates represented the seller, Carlisle Port Arthur LP.
ALLEN, TEXAS — Perdure Petroleum, an energy company that specializes in using carbon dioxide systems to boost production, has signed a 17,212-square-foot office lease in the northeastern Dallas suburb of Allen. Perdure will relocate to 1101 Central Expressway S. in the fourth quarter, a move that expands the company’s office footprint by about 10,000 square feet. Jared Laake and Susan Singer of Bradford Commercial Real Estate Services represented the landlord, 1101 SCE LLC, in the lease negotiations. Jan Elwell of JE Commercial Realty LLC represented the tenant.
By Sam Greenblatt, CEO, Electra Capital Today, a growing number of risk-averse financial institutions are pulling back from the multifamily rental market, leaving owners and investors struggling to complete their transactions. Fortunately, however, private firms are stepping into the gap with alternative sources of debt and equity capital. As the COVID-19 pandemic disrupted the national economy this spring, banks tightened their standards on all types of loans, according to a recent Federal Reserve survey of senior loan officers. Nearly half the surveyed lenders reported that they had tightened standards on multifamily loans in the first quarter. That pullback can have a potentially crippling impact on multifamily transactions. Let’s say an investor seeking to purchase a $50 million multifamily asset has raised $12.5 million (25 percent) in equity with a bank loan due to provide $37.5 million (75 percent). But before the deal could close, the bank implements a tighter 60 percent loan-to-value (LTV) ratio limiting its senior financing to $30 million. Now, the investor or transaction sponsor needs to come up with an additional $7.5 million on short notice or the deal will fall apart. This is where alternative private capital firms can provide flexible, short-term financing solutions, including bridge …