DESOTO, TEXAS — CWA202 LLC has acquired Creekwood Apartments, a 180-unit community in DeSoto, located south of Dallas. The property offers amenities such as a pool, playground, business center, onsite laundry facilities and an internet café with a coffee bar. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the deal through a partnership with Old Capital Lending. The loan featured a 12-year term and a 30-year amortization schedule.
EL PASO, TEXAS — RM Adviser, a subsidiary of RealtyMogul, has acquired two apartment communities in El Paso. The property names and unit counts were not disclosed, but the communities both feature pools, outdoor grilling areas and resident clubhouses. RM Adviser will implement value-add programs at both properties, with a focus on reducing water consumption, upgrading unit interiors and enhancing amenity spaces, including the addition of a playground and outdoor lounge with gazebos.
HARLINGEN, TEXAS — Ensign Group, a publicly traded seniors housing owner-operator, has purchased Golden Palms Rehabilitation and Retirement, a community located near the Mexico border in Harlingen. The property features 92 independent living units, as well as a 60-bed skilled nursing division and a 38-bed assisted living center. Keystone Care LLC, an affiliate of Ensign, will assume operations of the facility.
DALLAS — Lucid Energy Group, which operates in the midstream space of the natural gas industry, has signed a 16,701-square-foot office lease expansion at Citymark at Katy Trail in Uptown Dallas. The lease effectively doubles the size of Lucid’s current headquarters space to 34,585 square feet. The firm now occupies two full floors at the building, which is located at 3100 McKinnon St. Richmond Collinsworth and Melanie Hughes of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Andy Leather of JLL represented the tenant.
Lenders and borrowers alike have come to recognize some fundamental truths of the retail financing market in the e-commerce era: Most big box users need to right-size their store footprints and prototypes; new construction in urban settings needs food and entertainment components; and friendly loan terms are increasingly predicated on the sponsor’s track record. In Texas, direct lenders of all types have remained active in the retail arena, with certain capital sources aligning themselves with specific sub-types of the asset class. For example, CMBS lenders often focus on stabilized properties with cash flow concerns, whereas regional banks might be better bets for new construction or redevelopment deals in high-growth markets. Properties distressed by tenant turnover or rent roll uncertainty can appeal to debt funds, and life companies seem to have a soft spot for grocery-anchored product. “The biggest point of optimism for the property type in 2019 lies in the fact that lenders are still lending on retail,” says Chad Owens, vice president in NorthMarq Capital’s Houston office. “Specifically among smaller life insurance companies, CMBS lenders and banks, retail is still a big part of their businesses.” Owens says that in Texas and beyond, there is ample capital available for …
THE WOODLANDS, TEXAS — The Howard Hughes Corp. has topped off Two Lakes Edge, a 386-unit multifamily project located within its Hughes Landing development in The Woodlands, about 30 miles north of Houston. Units at the property will come in studio, one-, two- and three-bedroom configurations and average 997 square feet. Amenities will include a sports lounge, coworking space, individual storage units, fitness center and a pool. Residents will also have access to bikes and kayaks at no cost. Completion is slated for spring 2020, with preleasing scheduled to begin by year’s end.
AUSTIN, TEXAS — A joint venture between EverWest Real Estate Investors, George Oliver Cos. and WHI Real Estate Partners has sold UpCycle, an 81,660-square-foot office building located on Sixth Street in East Austin. The property was completed in 2018 as an adaptive reuse project and is fully leased to Texas-based grocer H-E-B. Amenities include patio space, collaborative areas, a coffee bar, fitness center and conference space. Drew Fuller, Kelsey Roop Shebay, Coler Yoakam and Michael George of HFF represented the joint venture in the transaction. The buyer was not disclosed.
AUSTIN, TEXAS — Financial Federal Bank has provided $29.4 million in HUD construction and permanent financing for a 288-unit multifamily project in north Austin. Financial Federal Bank, in partnership with PGIM, originated the financing was secured under HUD’s 221(d)(4) program on behalf of an undisclosed borrower. The nonrecourse loan carries a 40-year term and a fixed interest rate. Construction is expected to last two years.
DALLAS — Marcus & Millichap has negotiated the sale of Newport Landing, a 185-unit multifamily community located in the Lake Highlands neighborhood of Dallas. Built in 1971, the property offers a pool, fitness center, playground, business center and a basketball court. Al Silva and Ford Braly of Marcus & Millichap represented the seller, an international private investor, in the sale. The duo also procured the Dallas-based buyer, which acquired the property via a 1031 exchange.
OKLAHOMA CITY — CBRE has brokered the sale of a 42,050-square-foot industrial facility located at 3600 S. Thomas Road in Oklahoma City. The sales price was approximately $2.9 million. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented the seller, Abadan Properties LLC, in the transaction. Brett Price of Newmark Knight Frank represented the buyer, OKC Thomas Road Industrial LLC.
