HOUSTON — Houston-based LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged four acquisition loans totaling $21 million for a quartet of multifamily assets located across three coastal counties in southeast Texas. The properties include two assets totaling 320 units in Brazoria County, a 100-unit property in Jefferson County and a 20-unit asset in Galveston County. Brandon Brown, Kurt Dennis and Jamie Safier of LMI Capital arranged the loans on behalf of undisclosed borrowers.
DALLAS — A partnership between Dallas-based TriGate Capital LLC and developer/operator M-M Properties has refinanced Comerica Bank Tower, a 60-story, 1.5 million-square-foot office building in downtown Dallas. The Dallas Morning News reports that the amount of the loan is $163 million. Completed in 1987, the property includes ground-floor restaurant space and amenities such as a conference center, tenant lounge and a patio bar. The loan proceeds will be used to repay an existing CMBS loan and provide additional funds for leasing, as well to finance other capital expenditures. John Brownlee and Jim Curtin of HFF placed the loan with Annaly Commercial Real Estate Group Inc. on behalf of the borrower.
TYLER, TEXAS — HFF has arranged a $105 million loan for the refinancing of The Village at Cumberland Park, a nearly 650,000-square-foot retail power center in Tyler, about 100 miles east of Dallas. The property, construction of which began in 2014, comprises 14 buildings leased to tenants such as Nike, Bed Bath & Beyond, Burlington and Old Navy. Jim Curtin of HFF, along with Joseph Monteleone of Q10 | Triad Capital Advisors, secured the 36-month, floating-rate loan through Bank of America on behalf of the borrower, The Retail Connection.
RICHARDSON, TEXAS — A subsidiary of Q Real Estate Holdings LP, an affiliate of Fort Worth-based Q Investments LP, has refinanced 2400 Glenville, a 391,091-square-foot office complex located in the northeastern Dallas suburb of Richardson. The property, which is situated on 35 acres, underwent several renovations over the past few years to upgrade its common areas and add a new fitness center. Brian Carlton of HFF arranged the three-year, floating-rate refinancing for the transaction through CapitalSource, a division of Pacific Western Bank. The loan amount was not disclosed.
AUSTIN, TEXAS — KeyBank has secured $38.4 million for the construction of Del Valle Apartments, an affordable housing community in Austin. The project will be developed in a public-private partnership between NRP Group and Strategic Housing Finance Corp. of Austin County. Key’s Commercial Mortgage Group secured a $29.4 million Freddie Mac Tax Exempt Loan (TEL) that follows a three-year forward commitment with one, six-month extension. Upon conversion to a permanent loan, the TEL will carry a fixed interest rate and a 35-year amortization schedule. KeyBank Community Development Lending and Investment also provided a $9 million equity bridge loan for the development, which will consist of 302 units, 286 of which will be reserved for residents earning 60 percent or less of the area median income. The developers are also reserving seven units for households earning 40 percent of the AMI and nine units for households earning 30 percent. Kyle Kolesar and Jeff Rodman of KeyBank arranged the project’s financing. Navistone Partners and U.S. Bank also provided additional sources of financing for the development.
DALLAS — CBRE has arranged a $61 million construction loan for the Marriott Uptown, a 255-room hotel being developed at the intersection of Carlisle and Fairmount streets in Dallas. The hotel is slated to open in May 2020 and will feature a pool, fitness center and 12,980 square feet of meeting space. Jay Wagley, John Fenoglio, Matthew Miller, Marc Sallette and Olga Lepow of CBRE arranged the financing through IBC Bank on behalf of the developer, Dallas-based Alamo Manhattan.
CEDAR HILL, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged a $42.5 million construction and permanent financing loan for Aspire at Preston Trails, an apartment community that will be located in the Dallas metro of Cedar Hill. The property will feature 299 market-rate units across nine garden-style buildings. Mason Joseph placed the loan, which features a fixed interest rate for the 22-month construction period and subsequent 40-year term, through HUD’s 221(d)(4) program, on behalf of the developers, Covenant Development LLC and Stewart Residential LLC. Humphreys & Partners is serving as architect for the project and Jordan Foster Construction is serving as general contractor. The property broke ground in early July.
OKLAHOMA CITY — Metropolitan Capital Advisors Ltd. (MCA) has closed a $33.7 million floating-rate bridge loan for J Marshall Square, a 280-unit multifamily community in Oklahoma City. The sponsor, local developer Gardner Tanenbaum Holdings, will use the proceeds to retire existing construction debt. The bridge structure will also help the borrrower facilitate the lease-up and stabilization of the property. Sunny Sajnani and Todd McNeill of MCA arranged the loan through Centennial Bank.
HOUSTON — RED Mortgage Capital LLC, the debt banking arm of Columbus, Ohio-based RED Capital Group LLC, has provided $52.5 million in financing for Vista on Gessner, an 805-unit affordable housing community in Houston. The financing, which was arranged on behalf of Dallas-based Dalcor Holdings LLC, included a first lien $50 million Fannie Mae loan and a second lien $2.5 million co-terminus taxable loan. Vista on Gessner was built in 1977 and offers amenities such as a resident clubhouse, three pools, on-site laundry facilities and a library. Dalcor will implement a renovation project to upgrade the property’s unit interiors, parking, landscaping and utility systems, as well add fitness and business centers. Following the renovation, all units will be available to renters earning up to 60 percent of the area median income.
HOUSTON — PCCP LLC, a real estate finance firm with offices in New York and California, has provided a $72 million loan for the refinancing of Millennium High Street, a 340-unit apartment community in Houston. The Class A property features 26,000 square feet of ground-floor retail space and offers amenities such as a fitness center, yoga studio and a dog park, as well as a pool and spa. The borrower was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors.