TAYLOR, TEXAS — Forman Capital, a direct lender based in Florida, has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes. The 64-unit multifamily project will be located in Taylor, about 35 miles northwest of Austin. The borrower, Townbridge Capital, plans to develop three- and four-bedroom townhomes that will range in size from 1,500 to 1,900 square feet. Residences will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline was not disclosed.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Castlewinds Apartments, a 156-unit multifamily complex located in the Fort Worth suburb of North Richland Hills. The property offers amenities such as a pool, fitness center and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the five-year loan on behalf of the borrower, an entity doing business as Haven NRH Inc.
CLAYTON, MO. — Midas Enterprises has completed a $47 million Residence Inn by Marriott hotel in the St. Louis suburb of Clayton. The project is the first new hotel to open in the city in 30 years, according to Midas. The extended-stay hotel rises 12 stories with 170 rooms. The development includes a second-floor lounge and ballrooms, 3,300 square feet of second-level meeting space with an outdoor terrace and bar, complimentary breakfast, a 1,500-square-foot fitness center and guest laundry. Investors included Hermann Cos. and Peoples Bank. The project team included SSC Engineering, CECO Concrete Construction Inc. and Castle Contracting LLC. Midas deployed all four of its divisions — Midas Capital, Midas Construction, Midas Hospitality and Midas Development — to complete the project.
NASHVILLE, TENN. — Tricera Capital and Merrimac Ventures have completed the renovation of L&C Tower, a 31-story office property located at 401 Church St. in downtown Nashville. Upgrades to the building, which was originally constructed in the 1950s and acquired by the partnership last year, included the creation of speculative suites and improvements to common areas. Tenants at the tower include Warby Parker, Drive Social Media, Motiv, Castlerock Asset Management, Deacons New South and Ophelia’s Lounge. Doug Ryan and Melanie Tigrett of Colliers handle leasing at the property.
MANSFIELD, TEXAS — Locally based development and investment firm Wildcat Management will build Castle Ranch, a $150 million mixed-use project that will be located in the southern Fort Worth suburb of Mansfield. Castle Ranch will include apartments, townhomes, retail and restaurant space and coworking office space, as well a multitude of pocket parks, walkable streets, sidewalks and pedestrian paths. The development will also connect to a new city park and trail system, both of which under construction. The groundbreaking of Castle Ranch is slated for 2024.
MISSOULA, Mont. — CBRE Hotels has arranged the sales of the AC Hotel by Marriott, Residence Inn by Marriott and the Mercantile retail center in downtown Missoula. The buyer was a partnership between Evermore Partners and New Castle Hotels & Resorts. AC Hotel Missoula Downtown is located at 175 N. Pattee St. Built in 2021, the 105-room, six-story hotel has three food and beverage options, including a rooftop bar. The hotel also has a fitness center, meeting space and valet parking. Residence Inn Missoula Downtown and the Mercantile are located at 125 North Pattee St. Built in 2019, the 175-room, five-story hotel has two event spaces, a fitness center, valet parking, rooftop deck, indoor pool and breakfast area. The Mercantile, which is directly connected to the Residence Inn, is a retail center with restaurants, shops and an indoor cycling studio. Chris Burdett led CBRE’s Pacific Northwest hotel team in the transaction. Matthew Behrens represented the seller, HomeBase Partners. The price was not disclosed.
LEWISVILLE, TEXAS — Design and engineering firm McAdams has signed a 30,000-square-foot office lease at The Realm at Castle Hills, a 324-acre mixed-use development located in the northern Dallas suburb of Lewisville. McAdams is relocating from nearby Roanoke and plans to take occupancy this fall. About 65 people will work in the new office, which is situated off State Highway 121 and overlooks Lewisville Lake. JLL represented McAdams in its site selection and lease negotiations. Bright Realty owns The Realm at Castle Hills.
SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Lexington Park, a 156-unit multifamily community located in Smyrna, roughly 16 miles northwest of Atlanta. Travis Presnell, Nathan Swenson and James Wilber of Cushman & Wakefield represented the seller, Castlegate Property Group, in the $24 million transaction. Knickerbocker Asset Management acquired the property. Built in 1963, Lexington Park features amenities including a grill area, swimming pool, dog park and play area, laundry facility and a business center. Castlegate previously completed $500,000 in exterior renovations at the property.
By Nellie Day LOS ANGELES — The advice offered by a panel of developers at InterFace Seniors Housing West, held Feb. 2 at the Omni Los Angeles, mirrors the advice many would give to their senior residents. Namely, “stay active and stay creative.” But these verbs take on a slightly different meaning when you’re talking about the smartest plays for seniors housing developers during a time in which key economic conditions are changing. “The smarter operators and developers have been developing pipelines,” said panelist Paul Mullin, principal at Flatiron Development Group. “The key is momentum. Keep momentum going. Keep the pipeline going. Don’t stop because bankers aren’t lending. We’ll all get out of this; it’s just a short-term issue we have to overcome.” The issue of the current market conditions may be short term, but it’s also multifaceted, as David Waite, partner at Cox, Castle & Nicholson, pointed out. “The challenges are real,” he said. “You’ve got the spread between bid and ask and a rising-cap-rate environment. To go in and buy an asset today in this market is super challenging because you know it’s going in the wrong direction in terms of the valuation.” The solution, according to Waite, …
STOCKTON, CALIF. — First Industrial Realty Trust has released plans for First Stockton Logistics Center, a cross-dock distribution center at 6201 Newcastle Road in Stockton. Completion is slated for early 2024. The 1 million-square-foot facility will feature 42-foot clear heights, 204 loading docks, 509 trailer stalls, 590 auto spaces, ESFR sprinklers and LED lighting. Total investment for the distribution center is estimated to be $126 million. The site offers immediate access to Highway 99 and Interstate 5 and proximity to BNSF & Union Pacific intermodal facilities, Stockton Metro Airport and the Port of Stockton. The project team includes Millie and Severson as general contractor, HPA as architect and Keir + Wright as civil engineer. Mike Goldstein, Ryan McShane and Gregory O’Leary of Colliers will assist with leasing the project.