DALLAS — Carter Validus Mission Critical REIT has closed a $15 million preferred equity investment to redevelop an existing medical office building in Dallas. The hospital will be renamed Walnut Hill Doctors Hospital, which will span 200,000 square feet and include 84 in-patient beds, 16 intensive care units and six operating rooms. The hospital will feature emergency, urgent care, diagnostic imaging, surgery, cardiology and general acute care capabilities. The REIT also has the option to acquire the property after completion of the renovations. The equity investment will be used along with a $34 million construction loan and a $21 million equity investment by a private development group.
SAN ANTONIO — Stratford Land has funded a $14 million, non-recourse loan to Carlton Holdings for its development of the 182-acre Monterrey Village, a mixed-use development located at Interstate 410 and State Highway 151 in western San Antonio. Carlton Holdings has owned the land since 2006. The loan is Stratford Land's first in San Antonio.
The off-campus student housing market in Austin is unique when compared to the majority of student markets around the country. From a macro perspective, the University of Texas at Austin (UT) is situated in one of the leading markets in the country in terms of population growth (42 percent from 2000-2011 Austin/Round Rock MSA), job growth (6.1 percent unemployment vs. 8.8 percent national average) business-friendly local and state economies and overall quality of life (“No. 1 best city to live in for the next 10 years” — Kiplinger’s Personal Finance, June 2011). UT has a current enrollment of more than 51,000 students and is the fifth largest institution in the country. UT regards itself as a leader in academics, athletics and as one of the leading research institutions in the U.S. For all the above reasons and more, UT continues to be a huge draw for students both in Texas and from out of state. Despite legislative enrollment limits of approximately 50,000 students, the student housing market in and around UT is one of the strongest student markets in the country today. West Campus (a roughly 10 by 10 block area due west of UT) reported market occupancy for the …
IRVING — Rockwood Real Estate Advisors has brokered the sale of the 168-room Wyndham Las Colinas, a hotel located in the Las Colinas community in Irving. The hotel features a business center, an indoor pool, fitness center, concierge, guest laundry and shuttles to area attractions. Andrew Kern and David Altobello of Rockwood's Bethesda, Md., office represented the seller, an affiliate of Investcorp International, in the transaction. Rockwood also sourced local investors to purchase the property.
AUSTIN — The Connor Group has acquired the 253-unit Cityview at SoCo, an apartment community located in Austin. The property was formerly known as Camden South Congress and it features several retail spaces. The acquisition marks The Connor Group's first property in Austin.
HOUSTON — Q10 Kinghorn, Driver, Hough & Co. (KDH) has arranged $6 million in long-term financing for a mixed-use development, located on Lake Houston. The development includes three retail buildings and one office/retail building. Sam McHard of KDH's Houston office arranged the loan through AVIVA.
HOUSTON — NorthMarq Capital has secured first mortgage refinancing for the 260-unit Steeplecrest Apartments, located at 11220 W. Road in Houston. Greg Duvall of NorthMarq's Kansas City, Kan., office arranged the 10-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
FORT WORTH — Chef Jon Bonnell of Bonnell's Fine Texas Cuisine will open Waters, Bonnell's Fine Coastal Cuisine, a 7,775-square-foot upscale restaurant, in the West 7th mixed-use development in Fort Worth. The property will be located at 2901 Crockett St., and the opening is slated for February 2013. Rodger Chieffalo of Chiefallo Realty, along with Frank Bullock and Carey Shagets of SRS Real Estate Partners, represented the landlord, Cypress Equities, in the lease transaction. Attorney Jack Larson represented the tenant.
CONROE — McCarthy Building Cos. has begun construction on a $191 million project in Conroe known as the San Jacinto River Authority Surface Water Facility, located in Conroe. The construction will include building a raw water intake and pump station, water treatment plant, high service pumping station and storage. The facility is the second largest water infrastructure project in Texas. The project will use the Construction Manager-at-Risk (CMAR) delivery method, which will bring the contractor in early to help the collaborative team develop the most cost-effective solutions for the project. The treatment plant will have a 30 million gallons of water per day capacity. The project is slated for a late 2015 completion.
DALLAS — BOKA Powell has completed architecture and interior design work for The Lumen, a hotel located at 6101 Hillcrest Ave. adjacent to Southern Methodist University (SMU) in Dallas. The expansion includes adding 36 new guestrooms, expanding the lobby, adding The Front Room restaurant and a rooftop terrace with views of SMU and the Park Cities neighborhood. BOKA Powell also redesigned the existing 57 guestrooms. BOKA Powell completed the project on behalf of Headington Cos., the developer and owner of The Lumen. Kimpton Hotel and Restaurants manages the hotel.