HOUSTON — Greystone has arranged a $20.2 million CMBS loan for The Place at Greenway, a Houston multifamily complex totaling 219 units. The firm was able to structure the 10-year, fixed-rate financing and close the transaction in just 19 days. The property features amenities including a pool, clubhouse, fitness center and reserved covered parking. Greystone’s Robert Russell originated the loan for co-sponsors Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa.
Texas
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 167,961-square-foot grocery-anchored shopping center in Fort Worth. The property, located at 3510 Altamesa Blvd., was 98 percent leased at the time of the sale. Kroger headlines a list of tenants that also includes Church’s Chicken, GameStop, LA Fitness, Office Depot, Sally’s Beauty Supply and Subway. The grocer recently added a gas station to its site. Jay Vitorino of Marcus & Millichap’s Dallas office represented the seller, a Dallas-based developer, in the transaction. Ray Turchi and Christopher Travis of the firm’s Orlando office represented the buyer, an international company.
CORPUS CHRISTI, TEXAS — Beech Street Capital LLC has arranged a $6.8 million Fannie Mae loan for the acquisition of Peachtree Apartments, a 232-unit multifamily property in Corpus Christi. The 10-year, fixed-rate loan includes one year of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule. The borrower plans capital improvements for the property, which currently features amenities such as two swimming pools, basketball court, tennis court, clubhouse and laundry facilities. Larry Sneathern of Beech Street’s Dallas office originated the financing.
HOUSTON — Marcus & Millichap has brokered the sale of Savannah Apartments, a 306-unit multifamily property in Houston that commanded a list price of $10.5 million. Located at 8800 Broadway St., the complex is in close proximity to Hobby Airport, which is currently undergoing an extensive expansion. The buyer, a limited liability company, plans to operate the existing property until this expansion is complete, at which time it will review plans for a future mixed-use development on the site. Jeffrey Fript of Marcus & Millichap’s Houston office marketed the asset on behalf of the seller, also a limited liability company, and secured the buyer, as well.
GARDEN RIDGE, TEXAS — Love Funding has arranged an acquisition financing loan of $4.9 million for Graceland at Garden Ridge, a 46-bed assisted living and memory care center located approximately 25 miles northeast of downtown San Antonio. The facility, located at 19095 FM 2252, was originally constructed in 2007. Leonard Lucas of Love Funding’s Boston office secured the loan for the buyer, Cara Graceland LLC, through the HUD 232/223(f) LEAN program.
TULSA, OKLA. — Monmouth Real Estate Investment Corp. has acquired a 46,260-square-foot industrial building in Tulsa for $3.7 million. The property, located at 2800 N. Garnett Road, is net-leased by The American Bottling Company. Parent company Dr Pepper Snapple Group Inc. guarantees the lease, which has 10.5 years remaining on its original 15-year term. The build-to-suit structure serves as a distribution center for various beverage brands.
McALLEN, TEXAS — The Boulder Group has brokered the sale of a net-leased Walgreens property in McAllen for $2.3 million. The property, built at the northwest corner of Pecan Boulevard and North 23rd Street in 1993, totals 13,029 square feet. Five years remain on Walgreens’ original 25-year lease term, and the tenant also has five renewal options of five years each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based institution, in the transaction. The buyer is a Midwest-based investor.
IRVING, TEXAS — Churchill Capital has arranged $41 million in refinancing for a 510,173-square-foot office asset in the Las Colinas Urban District of Irving, approximately 10 miles northwest of downtown Dallas. Located at 600 E. Las Colinas Blvd., the property includes a 22-story tower and a five-story parking garage overlooking Lake Carylon. Among the major tenants of the building are Fleet Pride, Horizon Lines, Berkley Specialty Underwriting, Young President’s Organization and JP Energy Partners. Duke Stone and Katie Newman of Churchill arranged the non-recourse, fixed-rate loan through J.P. Morgan Chase Bank NA on behalf of the borrower and property owner, TCI.
SAN ANTONIO — A joint venture between an affiliate of the USAA Real Estate Co. and Cencor Realty Services has acquired an investment stake in Culebra Market, a 232,126-square-foot grocery-anchored retail center in San Antonio. The property is currently 100 percent occupied by 29 tenants, including the 81,027-square-foot HEB, as well as Hobby Lobby, Chase Bank and Whataburger. Located at the corner of Culebra Road and Loop 1604, the center is approximately 15 miles northwest of the city’s downtown area. Cencor, which is the property management and development affiliate of The Weitzman Group, developed the property and will continue to operate it under the new agreement.
FARMERS BRANCH, TEXAS — Boxer Property has acquired the 153,387-square-foot office property located at 4100 Spring Valley Rd. in Farmers Branch, a northern suburb of Dallas. The 10-story tower is anchored by Panda Energy, Comerica Bank and Joint Venture Business Center and features a recent common area renovation. The Energy Star-rated facility is also in close proximity to both Interstate 635 (Lyndon B. Johnson Freeway) and the Dallas North Tollway. Jack Crews and Evan Stone of Jones Lang LaSalle represented the undisclosed seller in the transaction, while Boxer Property represented itself.