ARLINGTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a one-year, $1.4 million loan for the purchase of a multi-tenant retail property in Arlington known as Lake June. The interest-only loan was closed at a 72 percent loan-to-value ratio. The loan was arranged through one of BMC Capital’s correspondent lending relationships.
GARLAND, TEXAS — Waterton, a real estate investor and operator, has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland. Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space. Parkside at Firewheel also offers access to nearby employment centers including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson. Parkside at Firewheel includes a mix of studio, one-, two- and three-bedroom residences ranging in size from 569 to 2,457 square feet. Shared amenities include two swimming pools, a pair of fitness centers, a wellness studio and a grilling/patio area. When the community was built, 30 percent of the units in each phase were finished with a higher-quality interior package that includes hardwood-style flooring and upgraded kitchens with stainless steel appliances, granite countertops and tile backsplashes. As the property’s new owner, Waterton plans to update the remaining 70 percent of units to offer a similar level of finishes.
MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private real estate investors, has negotiated the sale of a 30-acre development site along State Highway 121/U.S. Highway 75 corridor in McKinney. The site is located at 5401 Collin McKinney Parkway, one block north of State Highway 121, two miles west of Highway 75 and east of the Dallas North Tollway. The site is adjacent to the master-planned Craig Ranch community.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of a 14,039-square-foot net-leased Golden Corral located at 12509 N. Lamar Blvd. in Austin. Douglas Diffie and Bruce Bentley III of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a limited liability company. The Mansour Group in Marcus & Millichap’s San Diego office represented the buyer, an out-of-state private investor. Built in 2010, Golden Corral is situated on 2.8 acres.
HOUSTON — STREAM Capital Partners has executed the sale-leaseback of two industrial properties located in Houston. The properties are located at 1300 Gazin St. and 5633 Old Clinton Road. 1300 Gazin St. spans 95,435 square feet, while 5633 Old Clinton Road spans 45,135 square feet. MW Industries occupies both buildings utilizing a net lease. An unnamed REIT was the buyer.
PASADENA, TEXAS — Ryan Watson of Q10 KDH has arranged permanent financing through Q10’s Freddie Mac small balance loan program for the Bella Sol Apartments in Pasadena. The property was constructed in 1963 and renovated in 2008. It contains 53 units and is 100 percent occupied.
DALLAS — Richman Ascension, an affiliate of The Richman Group, has broken ground on its first multifamily project in Dallas. Named The Parc at White Rock, the $51 million development will span 291 units. The community will be a five-story complex with views of nearby White Rock Park. Offering studios, one- and two-bedroom units ranging from 580 to 1,230 square feet, The Parc will include private balconies and quartz or granite countertops in select units, as well as wood plank flooring throughout. A two-level clubhouse includes a clubroom, fitness center, media lounge, pool and four garden courtyards. The Parc is within walking distance of the White Rock DART station. The project is scheduled to open in fall 2016.
DALLAS — KDC and McCarthy Building Cos. have celebrated the topping out of 1920 McKinney, a 12-story, 150,000-square-foot office building in Uptown Dallas. Located at 1920 McKinney Ave. at Harwood Street, the Class A office building features six stories of office space on top of a six-story parking structure with 8,500 square feet of ground-floor retail and restaurant space. Located one block from Klyde Warren Park, the tower will feature a ratio of three parking spots for every 1,000 square feet of office space. Construction on 1920 McKinney began in September 2014. BOKA Powell is the project architect, JLL is leasing the office space and The Retail Connection is responsible for ground-floor retail leasing. The project is scheduled for completion in April.
FRISCO, TEXAS — GBT Realty Corp., a national real estate development company based in Brentwood, Tenn., will develop the second Sprouts Farmers Market in Frisco and the 40th in Texas. GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel parkways on Feb. 16 from CMTEX Inc. for $1.1 million. To date, GBT has developed four locations in two states for the grocer. The construction of Sprouts Farmers Market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc. The store is scheduled to open in early 2017.
HOUSTON — Berkadia has financed Villas at Cypresswood, a multifamily property located at 9844 Cypresswood Drive in Houston. Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office worked to secure the seven-year, floating-rate refinancing loan for the borrower, Community Management. The $24 million loan, which also features an interest-only component combined with a 30-year amortization schedule, was originated through Berkadia’s Freddie Mac program. The 270-unit property, located 25 miles northwest of downtown Houston, features one-, two- and three-bedroom floor plans with faux wood floors and blinds, double paneled windows, home intrusion alarms and garden tubs. Community amenities include a pool, grilling areas, fitness center and controlled access gate.