SAN ANTONIO — KeyBank Real Estate Capital has provided a $28.4 million Fannie Mae loan for the refinancing of White Rock Apartment Homes, a 336-unit multifamily community located at 3110 Thousand Oaks Drive in San Antonio. Proceeds will be used to fund capital improvements for the property, which provides affordable housing to the city. Robbie Lynn and Tiffany Durr of KeyBank led the financing effort on behalf of the borrower, Commonwealth Multifamily Housing Corp.
DALLAS — Another Round, an entertainment concept that combines miniature golf and alcoholic beverages, will open a 5,500-square-foot venue at 660 Fort Worth Ave., a creative retail and dining space under construction in west Dallas. The venue is expected to open this spring. Construction of the property, which is being developed by Dallas-based Oaxaca Interests, began in December.
HOUSTON — New York Life Real Estate Investors has provided a $44.5 million bridge loan for 515 Post Oak, a 274,848-square-foot, 12-story office property located in the Galleria area of Houston. The Class A property, which offers access to Interstates 610 and 69, was renovated in 2012 and includes a four-story parking garage, fitness center and a full-service deli. Proceeds will be used to meet the lease-up objectives of the owner and borrower, Spear Street Capital. Other loan terms were not disclosed.
FORT WORTH, TEXAS — Agoura Hills, Calif.-based AMCAL Equities LLC has acquired 35.3 acres near Fort Worth Alliance Airport for the development of a new multifamily project. Construction of Phase I will begin in June and deliver 264 units, while construction of Phase II will begin in 2022 and deliver 256 units. Amenities will include multiple pools, a fitness center, media and movie room, business center and a dog park. Lane Kommer and Dan Spika of Henry S. Miller represented AMCAL Equities in the land sale. Ryan Turner, David Davidson and Ed Bogel of Davidson Bogel Real Estate represented the seller, Dallas-based Harwood Properties LLC.
HOUSTON — Marcus & Millichap has brokered the sale of One Pine Apartments, a 288-unit multifamily community in Houston. Built in 1972, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, outdoor grilling area and a business center. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. The new ownership will implement a value-add program.
HOUSTON — Weingarten Realty Investors has sold 1919 North Loop West, a 129,250-square-foot office building in northwest Houston. The six-story building is located near The Galleria neighborhood and Memorial Hermann Greater Heights Hospital. Rudy Hubbard, Kevin McConn and Rick Goings of JLL handled the sale on behalf of Weingarten. Paul House and John Ream of JLL arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, an affiliate of Houston-based Simpkins Group Inc. In addition, Cutt Ableson, Mark Crosswell and Colin Marusak of Berkadia arranged an undisclosed amount of joint venture equity for the acquisition on behalf of the buyer.
HOUSTON — NAI Partners has negotiated a 4,646-square-foot lease renewal and expansion at 5757 Woodway Drive in Houston for Luna Recovery, a local mental health provider that specializes in outpatient drug and alcohol addiction counseling. Taylor Wright of NAI Partners represented the tenant in the lease negotiations. Zachary Wolf of Braun Enterprises represented the landlord, 5757 Woodway Ltd., an entity owned by Braun Enterprises.
For developers of affordable housing, a certain amount of NIMBYism is virtually inevitable. But the contentiousness of our times has amplified the rumbling of, “not in my backyard,” into a shout. Time consumed in countering the claims and tactics of affordable housing opponents can damage or derail a developer’s plans — delaying approvals, raising costs and in some cases causing the project to be abandoned altogether. At a time when large segments of the population have been priced out of many neighborhoods, the need to defuse NIMBYism is critical, not simply for preserving individual communities, but also for protecting the greater social fabric. Fortunately, time-tested strategies that have long been used to win over local affordable housing opponents become even more effective when shifted to web-based platforms. Savvy developers are now using their websites and social media to discredit stereotypes about affordable housing communities, demonstrate transparency and promote dialogue. When community members realize that affordable housing is something that can contribute to their neighborhood rather than detract from it, the conversation changes dramatically. Introduce Yourself with a Compelling Website Opponents of affordable housing often couch their objections as an appeal to the greater good, highlighting the potential effect a community …
AMARILLO, TEXAS — Mission Capital Advisors has arranged an undisclosed amount of financing for the acquisition and renovation of a 229-room hotel in Amarillo. The new ownership will rebrand the property as a dual-branded asset consisting of a 106-room Marriot Fairfield Inn & Suites and a 123-room Four Points by Sheraton. Renovations will deliver upgraded amenity spaces, as well as a facelift to the property’s exterior and each guestroom. Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital arranged the financing through Stonehill Strategic Capital on behalf of the borrower, Ram Hotels.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Oates Creek, a 280-unit multifamily community in Mesquite, an eastern suburb of Dallas. Built in 1984, the Class B property recently underwent $2.2 million in capital improvements that upgraded 50 percent of the unit interiors. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity.