HOUSTON — Jamie Mullin of LMI Capital has arranged $14.5 million in debt for the refinancing of an apartment complex in southwest Houston. Mullin worked on behalf of the borrower to obtain a 10-year, fixed-rate CMBS loan featuring full-term interest-only payments.
HOUSTON — HFF has secured a senior loan for the refinancing of Northline Commons, a 472,443-square-foot retail power center in northern Houston. HFF worked on behalf of the borrower, an affiliate of North American Development Group, to place the 10-year, fixed-rate CMBS loan with Wells Fargo Bank. Constructed between 2007 and 2009, Northline Commons is 91 percent leased and consists of one main building, five smaller buildings and four outparcel pads situated on 47.7 acres. Tenants include Burlington Coat Factory, Ross Dress for Less, Five Below, Palais Royal, Conn’s, Marshalls, GNC, Foot Locker, Image Shots, Baskin Robbins, The Children’s Place and Nails Club. The center’s outparcel pads are leased to Pappas Bar-B-Q, IHOP, Ojos Locos Sports and Chick-fil-A. Located at 4400 N. Freeway, Northline Commons is located on Houston’s North Line Light Rail, which is an extension of the Red Line that connects downtown Houston and the Medical Center area. Travis Anderson, Cory Fowler and Tyler Ford led the HFF debt placement team representing the borrower.
DALLAS —Shake Shack will open its first location in Dallas at the 11-acre office and retail complex The Crescent in 2016. Shake Shack at The Crescent will be located near a corner park. The Dallas location will also be situated near downtown Dallas, Klyde Warren Park and the Dallas Arts District. The Crescent has earned LEED Silver certification from the U.S. Green Building Council. The Dallas Shake Shack menu will include a selection of local beer and wine, along with and three localized frozen custard flavors starring local bakeries and food purveyors.
JACKSONVILLE, TEXAS — Deason Financial Group has arranged the refinancing of an unanchored retail shopping center in Jacksonville for an out-of-state borrower. The $1.8 million financing was obtained at a 70 percent loan-to-value ratio with a 5-year term and 25-year amortization schedule. Built in 2001, the center spans 40,000 square feet with a total of 15 tenant spaces and occupancy at closing of 85 percent. Todd Kelsey of Deason Financial Group arranged the loan.
HOUSTON — The Kinder Family Office has leased the top floor of the newly developed San Felipe Place, a Class A office building located at 2229 San Felipe St. in Houston, with facility space also provided for the Kinder Foundation, a private philanthropic foundation founded by Rich and Nancy Kinder. The foundation and family office will each occupy 50 percent of the 17th floor’s 14,854 square feet. Clark Thompson Jr. and Brad Beasley of Colvill Office Properties represented landlord, Hines, the developer of San Felipe Place, in the lease transaction. The limestone and glass building offers interior parking, a walnut-paneled lobby and neighborhood amenities Rossini Cafe and Cadence Bank. San Felipe Place is pursuing LEED certification. Since the building’s completion in September 2015, the 167,000-square-foot, 17-story development has secured tenants including Knoll, Wareing Athon & Co., and Buck Keenan LLP.
KATY, TEXAS — R. S. Hart Commercial Brokerage’s Rachel S. Grant has arranged an $8.9 million refinancing loan for 26440 FM 1093 Ltd.-Westheimer Lakes Plaza II located in Katy. The multi-tenant retail property totals 52,567 square feet and was 100 percent occupied at the time of financing. Raintree Commercial’s Corey Ferguson developed the shopping center. Brock Tautenhahn of BBVA Compass Bank provided financing.
HOUSTON — The Boardwalk at Towne Lake, a mixed-use development in Houston, has added MOD Pizza, Nails of America and Orangetheory Fitness to its tenant roster. Other retailers at the center include Texas Children’s Pediatrics, Copper Creek Orthodontics, Massage Heights, Jaxton’s, Taisho, World of Beer and Land of a Thousand Hills Coffee Co. MOD Pizza opened its first location in Seattle in 2008. Its Towne Lake franchise location will be its sixth in Houston. Orangetheory Fitness utilizes a blend of personal training and group settings to help its members reach their fitness goals. This will be its seventh Houston location. Nails of America is a Houston-based company operating more than 14 salons in the greater Houston area. Caldwell Cos. is the developer of the lakeside development.
PLANO, TEXAS — Alliance Architects has completed Phase II of a renovation project for the City of Plano’s Technology Services Data Center. The facility is located at 1117 E. 15th St., adjacent to Plano City Hall. The facility was originally designed and built to house city hall and the city’s main fire station. The Technology Services Data Center is a Tier 3 data center and administration office that stores, secures and processes information for Plano’s government offices. The project features offices, open support spaces, a training room, conference rooms, an employee break room and a public service area. Sustainable finishes are used throughout the building. Alliance Architects team members included Charlie, Reagan, Chris Bruck, Zac Bartz, Barb Caires, Keith Petersen and Aaron Trecartin. Turner Construction provided general construction services.
RICHARDSON, TEXAS — Regency Centers Corp., an owner, operator and developer of grocery-anchored shopping centers, has closed on the land for Phase II of its CityLine Market development in Richardson. The Phase II portion is 100 percent pre-leased and will include a 12,900-square-foot CVS Pharmacy and new restaurants encompassing 9,000 square feet. The newest restaurants to join CityLine Market include Super Chix, Pho is for Lovers and Piada Italian Street Food. Super Chix’s menu includes chicken sandwiches, fries and frozen custard. Pho is For Lovers serves Vietnamese food including beef pho, tofu summer rolls and banh mi sandwiches. Piada serves Italian street. CityLine Market is anchored by Whole Foods Market, contains nearly 102,000 square feet of retail and will serve as the cornerstone of the CityLine mixed-use development. The center is 98 percent leased. The construction of Phase II is expected to start late this year.
COPPELL, TEXAS — Steadfast Apartment REIT has acquired Lakeside at Coppell, a 315-unit apartment community located in Coppell. Constructed in 1999 on 35 acres, Lakeside at Coppell includes 45 two-story apartment buildings boasting one-, two-, three- and four-bedroom configurations. Layouts average 1,221 square feet and amenities include attached garages, washer-dryer connections, granite countertops and stainless steel appliances. Lakeside at Coppell was 96.2 percent occupied as of Oct. 6, and has average in-place rents of $1,698. On-site amenities include a clubhouse, swimming pool, basketball court, sand volleyball court, tennis court, jogging trail, health club, billiards room, business center, playground and community garden.