IRVING, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6 million loan for the cash-out refinance of a multifamily property in Irving. The five-year loan features a 3.6 percent fixed interest rate and a 25-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.
SAN ANTONIO — Kennedy Wilson has represented Hartman Income REIT Management in a lease with Galen College of Nursing to expand to nearly 68,000 square feet at One Technology Center. The property is located at 7411 John Smith Drive in San Antonio. Suzanne Havekost of Kennedy Wilson represented the landlord and negotiated directly with the tenant on the transaction. Galen leased 24,000 square feet at One Technology Center in 2008 and gradually grew to 41,800 square feet. One Technology Center is a 14-story, 196,000-square-foot office building located on the west side of the South Texas Medical Center. In addition to Galen College of Nursing, tenants include the Veterans Administration, University of Texas Health Science Center South, BSG and Progressive Insurance.
ENNIS, TEXAS — Marcus & Millichap has negotiated the sale of Holiday Inn Express & Suites Ennis, a 68-room hotel located in the Dallas suburb of Ennis. Chris Gomes of Marcus & Millichap’s Dallas office, Allan Miller of the firm’s San Antonio office and Skyler Cooper of the firm’s Houston office marketed the property on behalf of the seller, a limited liability company. Gomes and Miller also procured the buyer, a private investor. Holiday Inn Express & Suites Ennis is located at 601 N. Sonoma Trail, near I-45 and Highway 34. Built in 2008, the four-story, limited service hotel is situated on 2.5 acres. Amenities at the hotel include an indoor swimming pool and hot tub.
IRVING, TEXAS — Bright Realty has brokered the lease for a new Half of Half Name Brand Clothing store in Irving. The 24,080-square-foot store will be located at 3539 W. Airport Freeway. Kerry Assa and Britton Lankford of Bright Realty represented the unnamed landlord. Jennifer Reynolds with The Retail Connection represented the tenant.
FORT WORTH, TEXAS — KWA Construction has broken ground on Oleander Apartments, a 327-unit multifamily development located in Fort Worth’s hospital district. Dallas-based developer Lang Partners selected KWA to build the 279,114-square-foot apartment complex. Designed by JHP Architects, the project will be built on two city blocks along West Rosedale and Oleander streets and connected by a bridge over Seventh Avenue. Construction will entail connecting a five-story, wood-frame building via a skybridge to another five-story, wood-frame building wrapped around a six-level parking garage. With plans to be connected on the third and fourth floor levels, the bridge will provide a crossover to the apartments’ garage, clubhouse, pool and other shared amenity areas. Rent will range from $1,100 to $2,800 per month. For the project, Lang Partners has received approval for $1.2 million in funding from the local tax increment finance district for public right-of-way and easement improvements, utility work and streetscape improvements. Oleander Apartments is expected to complete construction in summer 2017.
FRISCO, TEXAS — American Newland Communities and joint venture partner North America Sekisui House (NASH) have acquired 729 acres for a master-planned community in Frisco. The property is located north of the Sam Rayburn Tollway, about 30 miles north of downtown Dallas and five miles east of the Dallas North Tollway. Newland and NASH have completed a due-diligence period with the previous landowners and closed on the purchase June 15. When fully complete, the community will include 1,800 single-family homes and up to 1,400 apartment units, along with retail and office space. Construction will begin later this year, with plans to make the first 253 home sites available for purchase by builders in 2017 with a grand opening in 2018.
AUSTIN, TEXAS — Austin-based developer Lincoln Ventures plans to build a Class A student housing development two blocks west of the University of Texas at Austin campus. The Ruckus, located at 2502 Nueces St., will be a seven-story project totaling 45 units with a mix of two to five bedrooms, totaling 160 beds. Amenities at The Ruckus will include a sky gym/fitness center and terrace, cyber café, gaming area, 24-hour study lounges and conference rooms, package concierge, secure access and parking and a coffee bar. The development will include car-sharing options, such as Zip Car and car-2-go, and a bike-sharing program. Individual units will come fully furnished and offer nine-foot ceilings, high-speed internet, stainless-steel appliances, washers and dryers. Select units will offer views of the UT Tower and downtown Austin.
HILLSBORO, TEXAS — Bob Moore Construction has been selected to build a manufacturing and distribution complex along with associated infrastructure for Hillsboro IKO, a roofing company. The company’s new complex in Hillsboro will be used to manufacture and distribute roofing materials in the Southwest. The complex will include several buildings spanning more than 250,000 square feet. Site work began in early June.
HILLSBORO TEXAS — Marcus & Millichap has arranged the sale of Hampton Inn Hillsboro, a 70-room hotel in Hillsboro. Chris Gomes of Marcus & Millichap’s Dallas office, Allan Miller of the firm’s San Antonio office, and Skyler Cooper of the Houston office marketed the property on behalf of the seller, a private investor. Gomes and Miller also procured the buyer, also a private investor. Hampton Inn Hillsboro is located at 102 Dynasty Drive, just east of I-35 near Old Brandon Road. Built in 2007, the three-story hotel features a wood frame, stucco and brick exterior and a flat roof. Amenities include a fitness center, swimming pool, business center, complimentary breakfast bar and 691 square feet of meeting space. Rooms are equipped with a desk, microwave, refrigerator and flat-screen television with cable.
ALLEN, TEXAS — Simon has launched the expansion of Allen Premium Outlets, a shopping destination in the Dallas suburb of Allen. The expansion is expected to include an estimated 30 new specialty retailers that will be added at the heart of the shopping center near Neiman Marcus Last Call. Simon will also renovate Allen Premium Outlets with new features and amenities including updated seating, a new play area, Wi-Fi, landscaping and architectural adornments to match the new structures. In addition, a 22-acre plot northeast of the current shopping center has been rezoned to allow for the future inclusion of restaurants and hotels. Allen Premium Outlets currently includes retailers such as Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren and Under Armour. The expansion is expected to be complete by fall 2017.