EL PASO, TEXAS — Hunt Real Estate Capital has provided a $7 million Fannie Mae loan to refinance an undisclosed multifamily asset in El Paso. The nonrecourse loan carries a 12-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower refinanced the property under Fannie Mae’s Green Rewards program.
HOUSTON — Transwestern Development Co. (TDC) has broken ground on Sam Houston Distribution Center, an 833,720-square-foot industrial project in northwest Houston. The Class A development will consist of three buildings and is scheduled for completion in the second quarter of 2020. The front-load and cross-dock buildings will range from 138,720 to 494,800 square feet and can accommodate users from 35,000 to 833,720 square feet. The ceiling heights range from 32 to 36 feet. The property also offers land for added trailer storage or a build-to-suit opportunity, as well as ample car parking and trailer stalls.
AUSTIN, TEXAS — A subsidiary of Stratus Properties Inc., a publicly traded investment and development firm, has received a $75 million loan for the refinancing of The Santal, a 448-unit apartment community located in the Barton Creek area of Austin. ACRC Lender LLC provided the non-recourse loan, which carries a three-year term with two 12-month extension options and bears a 4.8 interest floor. A portion of the proceeds will be used to retire construction debt. The Santal features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and package handling service.
COLLEGE STATION, TEXAS — JLL has arranged a $42 million loan for the refinancing of Century Square, a mixed-use property in College Station. Built in 2018 and located adjacent to Texas A&M University’s campus, the development features 159,128 square feet of retail space, 57,204 square feet of office space, two hotels totaling 303 rooms and 249 multifamily units, as well as open green spaces. The refinancing did not cover the hospitality and residential components. Ares Management Corp. provided the nonrecourse loan to the borrower, a partnership between Houston-based Midway Cos. and Chicago-based Harrison Street. Colby Mueck, Timothy Joyce, Stephen Skok, Stuart Hepler, Katherine Miller and Charlie Strauss of JLL handled the transaction.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of a 733-unit portfolio of self-storage facilities located in and around Tyler, about 100 miles east of Dallas. The portfolio spans 103,582 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also secured the buyer, a DFW-based owner-operator.
TEMPLE, TEXAS — A limited liability company has acquired Magnolia Greens Apartment Homes, a 116-unit multifamily asset located in the Central Texas city of Temple. The property was built in 1974 and features a pool, fitness center, playground, clubhouse, volleyball court and onsite laundry facilities. Dougherty Mortgage LLC arranged a $5 million Fannie Mae loan for the acquisition through a partnership with Old Capital Lending.
Throughout the first half of 2018, when oil prices appeared to be on a steady upward trajectory, Midland, Texas, saw a number of energy firms up their stakes in the city’s office market. Major names such as Chevron, Anadarko, Apache and Natural Gas Services Group announced build-to-suit office projects in Midland during this time, adding a significant amount of supply to this 6 million-square-foot market. In addition, strong leasing activity by an array of energy firms looking to bolster their operations in the Permian Basin helped the market’s occupancy rate rise to about 92 percent. This growth in occupancy was anchored by a low unemployment rate and accompanied by positive rent growth. Now, however, with oil prices down from their 2018 highs (West Texas intermediate traded at $56.11 per barrel at the time of this writing), there is more uncertainty in the Midland office market. While the office occupancy rate has held steady and rents have even grown slightly during the last year, currently clocking in at about $23 per square foot, Midland could see a significant amount of supply of office space returned to the market over the next six to 12 months. Examples in Action Chevron, which earlier …
HOUSTON — A joint venture between multifamily investment firm Fogelman Partners and New York-based DRA Advisors has acquired Retreat at Steeplechase, a 390-unit multifamily community in Houston. Built in 1998 on the city’s northwest side, the property offers one-, two- and three-bedroom units and amenities such as a pool and a clubhouse. The new ownership will implement a value-add program to the unit interiors, exteriors and amenity spaces of the property, which was 94 percent occupied at the time of sale.
HOUSTON — EastGroup Properties has broken ground on Northwest Crossing, a 278,000-square-foot industrial project in located near the Interstate 290 and State Highway 6 interchange in northwest Houston. The project will deliver a three-building, Class A complex that will offer both multi- and single-tenant spaces for office/warehouse, light manufacturing, research & development and assembly users. Building features will include 24- to 32-foot clear heights and 20-by-20 overhead doors. JLL will handle leasing of the facility, completion of which is slated for the second quarter of 2020.
ALVIN, TEXAS — Marcus & Millichap has arranged the sale of Oaks at Mustang, a 125-unit multifamily asset in Alvin, located south of Houston. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Other terms of sale were not disclosed.