GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit multifamily complex in the northeastern Dallas suburb of Garland. Woods Edge was originally built in the 1960s and offers one-, two- and three-bedroom units. Mark Allen of GREA represented the locally based seller, Entrust Investment Group, in the transaction and procured the undisclosed, out-of-state buyer.
CARROLLTON, TEXAS — Third-party logistics firm UniUni has signed a 36,000-square-foot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property at 1401-1407 Dunn Drive was built in 1980 and totals 100,800 square feet. Adam Graham and Stephen Williamson of Lee & Associates represented the landlord, High Street Realty, in the lease negotiations. The tenant representative was not disclosed.
PFLUGERVILLE, TEXAS — Cambridge Realty Capital (CRC), a lender with offices in Chicago and Los Angeles, has provided a $2.1 million HUD-insured loan for the refinancing of Wells Point Lodge, a 60-bed seniors housing complex located in the northern Austin suburb of Pflugerville. Anthony Marino of CRC originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company.
GEORGETOWN, TEXAS — North Texas-based developer Jackson-Shaw is nearing completion of Phase I of Crosspoint Business District, a project in the northern Austin suburb of Georgetown that will add 488,000 square feet of industrial space to the local supply. Phase I comprises three buildings across 61.7 acres. Onx Homes preleased the entire 204,000 square feet of Building 1 and plans to take occupancy in December, and Grander Distributing recently signed a lease for 41,950 square feet at Building 3. Powers Brown designed Crosspoint Business District, and Joeris is serving as the general contractor. Construction began in summer 2022, and Buildings 2 and 3 are now fully complete.
PLANO, TEXAS — Developer High Street Residential has completed Legacy Square, a 363-unit apartment community located north of Dallas in Plano. Designed by GFF with interiors by Britt Design Group, Legacy Square features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, island kitchens, custom cabinetry and tile backsplashes. Private balconies/yards are also available in select units. Amenities include a pool, fitness center, outdoor grilling and dining areas, a playground, cyberlounge, business center, clubroom and a package room. Rental rates start at $1,665 per month for a one-bedroom apartment.
FORT WORTH, TEXAS — Dallas-based Younger Partners will renovate Crockett Row, a shopping, dining and entertainment district that spans five city blocks in Fort Worth’s Cultural District. Upgrades will include the addition of new gathering spaces, enhanced wayfinding and improved signage and lighting, as well as the installation of new elevators in parking garages. Younger Partners will also rebrand the property as Artisan Circle. Construction is scheduled to begin in January and to last 12 to 18 months. Crockett Row currently features a roster of 25 tenants and will welcome several new users— restaurants Terra Mediterranean, La Cabrona and Si Tapas and Rose Couture Nail Bar — next spring.
DALLAS — Lee & Associates has negotiated a 49,542-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the property at 119 Regal Row was built in 1978 and totals 230,710 square feet. Stephen Williamson of Lee & Associates represented the landlord, Dogwood Industrial Properties, in the lease negotiations. Jeremy Mercer of Mercer Co. represented the tenant, Kit Composites, which serves the wind energy and marine industries.
DALLAS — MIINC Mechanical Contractors has signed a 36,800-square-foot industrial lease renewal at 1960 W. Northwest Highway in northwest Dallas. The single-tenant building was originally constructed in 1983. Scott Voelkel and Cullen Dickey of Dickey Property Co. represented the landlord, an unnamed Dallas-based family partnership, in the lease negotiations. The tenant was self-represented.
Following the financial markets crash 15 years ago, banks and other lenders began working with commercial real estate (CRE) borrowers who had run into trouble. Solutions included loan extensions, loan sales, recapitalizations and foreclosures. Today lenders are pulling out the playbook again. “We have seen a huge number of loan workout deals come across our desk,” says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “Any lender that holds loans on their books is seeing the same thing.” Back in 2008, dodgy and highly leveraged residential and CRE loans — along with the emergence of exceedingly risky debt derivatives created by Wall Street — eventually crashed, causing the credit market to collapse. Today credit is still available, but the cost of it has spiked over the last 18 months. Consequently, many commercial properties owners have seen values plummet, making it difficult to find refinancing. The Federal Deposit Insurance Corp.’s (FDIC) imminent auction of Signature Bank’s $33 billion in commercial property loans and other assets is expected to attract bids as much as 40 percent below face value, according to The Wall Street Journal. That’s just the latest gloomy bellwether regarding CRE values and underscores the predicament …
AUSTIN, TEXAS — Hunt Capital Partners has provided $16.5 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the development of Cady Lofts, a 100-unit affordable housing project in Austin. Cady Lofts will house studio apartments for renters earning 30 to 60 percent of the area median income and who are experiencing homelessness or physical/developmental disabilities. Units will feature modern appliances and eco-friendly utility systems, and residents will have access to a communal computer lab, health and wellness center, case management offices and central laundry facilities. The borrower is a partnership between developer SGI Ventures and the Housing Authority of the City of Austin. Three Bar Architects Inc. is designing the project, with Skybeck Construction serving as the primary contractor. Completion is slated for March 2025.