TERRELL, TEXAS — Dougherty Mortgage has provided a $35 million construction loan for Crossroads at Terrell, a 270-unit, garden-style apartment community planned for a 10.5-acre site in the east Dallas suburb of Terrell. Dougherty’s Fort Worth office closed the HUD 221(d)(4) loan on behalf of the borrower and developer, an entity doing business as Terrell MF Ventures LLC. The loan features a 40-year term and 40-year amortization schedule. The Class A community will feature a package center, resort-style pool, fire pit, outdoor cooking, business center, clubhouse with kitchen, game room, fitness center, bicycle storage, dog park and a pet spa. The developer plans to build Crossroads at Terrell to National Green Building Bronze standards. The 221(d)(4) product is HUD’s flagship loan program financing the construction and redevelopment of market-rate and affordable housing apartment communities. Details about the project’s construction timeline were not disclosed.
STAFFORD, TEXAS — The Philipsborn Co., a Chicago-based mortgage banking firm, has arranged a $4 million loan for the refinancing of a distribution center located at 4030 Bluebonnet Drive in Stafford, about 15 miles southwest of Houston. Built in 1983, the 66,336-square-foot warehouse is situated on 4.1 acres and features 24- to 26-foot clear heights, four exterior loading docks, nearly 10,000 square feet of finished office space and 2,628 square feet of refrigerated space. The facility is leased on a long-term basis to a national specialty food distributor. David Kubert of Philipsborn arranged the 15-year, fixed-rate loan through Ameritas Life Insurance Co. on behalf of the borrower, a private investor.
MIDLOTHIAN, TEXAS — Locally based developer Hanover Property Co. has acquired 966 acres in the southern Dallas suburb of Midlothian for the development of a $950 million master-planned community. Current plans call for 2,000 single-family homes, 26 acres of commercial space and 42 acres of industrial space. Pre-development is underway, and the initial phase is expected to be complete in early 2022. Michael Swaldi, Larry McCorkle and Nick Hayden of JLL represented the seller, ECOM Real Estate, in the transaction. Paul Whitman, also with JLL, represented Hanover Property Co.
HOUSTON — Premier Tower LP will renovate Commerce Towers, a 25-story residential building located at 914 Main St. in downtown Houston. Originally built in 1928, the property features 140 condominiums for sale. Renovations will involve upgrades to the lobby and amenity spaces, including the pool deck, fitness center and party rooms, as well as exterior renovations to preserve the historic appeal of the building. The project team for the renovation was not disclosed.
SAN ANTONIO — Chicago-based NXT Capital has provided a $30 million acquisition loan for an undisclosed, Class B apartment community in San Antonio. The 300-unit property is located roughly 10 miles north of downtown San Antonio and features amenities such as a resident clubhouse, business center, fitness center and two pools. Tip Strickland, David Schwarz and Kevin Amend of Newmark Knight Frank placed the debt with NXT Capital on behalf of the undisclosed borrower.
HOUSTON — Locally based investment firm The Richland Cos. has acquired Corporate Centre Webster, a 49,793-square-foot office park located at 16969 Texas Ave. in Houston. The property was 84 percent leased at the time of sale and offers proximity to Clear Lake Medical Center, Johnson Space Center and Baybrook Mall. The seller was not disclosed.
LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of The Springs at Lake Jackson, a 153-unit apartment community in Lake Jackson, located south of Houston. Christian Mazzini and Jeffrey Fript of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Additional terms of sale were not disclosed.
Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …
It’s no secret America is in a housing crisis, but the problem is easier to identify than it is to tackle. David Leopold, senior vice president and head of affordable housing for Berkadia, believes it can be tackled, however, if the industry’s best and brightest can collaborate on a nationwide strategy. Finance Insight (FI): What is your view on the affordable housing market? Leopold: It’s an exciting time in the affordable housing market. There’s massive demand for affordable housing nationwide, which means new opportunities for innovation and new needs to be fulfilled. There’s also a real sense of urgency and commitment galvanizing players across the industry to pursue innovative solutions that will result in decent, affordable and safe housing in every single community across the country. This extends to developers, lawmakers, real estate professionals and beyond. It’s a tall order, but this work is essential to the well-being of our communities. FI: Speaking of tall orders, what are some of the challenges facing the affordable housing industry? Leopold: Rent control is certainly a hot topic and will remain one in the year ahead. Last year was a significant chapter in the rent control debate, with comprehensive statewide reform enacted in …
DALLAS — Amazon has signed a 419,626-square-foot, 10-year industrial lease at Eastpoint Distribution Center, located at 8901 Forney Road in east Dallas. Freight company Shippers most recently occupied the rail-served property, which also offers proximity to Interstates 30 and 635. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the landlord, Dalfen Industrial, in the lease negotiations. Ryan Keiser and Dan Mulford of CBRE represented Amazon. The Seattle-based e-commerce giant will utilize an onsite 12-acre parcel for van, truck and car parking, according to Dalfen Industrial.