DALLAS — Darwin German Real Estate has received a $21.4 million Freddie Mac acquisition loan for Gold Creek Apartments, a 255-unit multifamily community in Dallas. The Class A property was built in 2016 on 11.6 acres and was 97 percent occupied at the time of sale. Steven Yazdani of Los Angeles-based financial advisory firm Nova Capital handled the transaction on behalf of Darwin German, which will also use $6 million in equity to fund the acquisition.
AUSTIN, TEXAS — PCCP LLC has provided a $46 million acquisition loan for Indie and Candela, two adjacent apartment communities totaling 258 units in Austin. Indie was completed in mid-2018, totals 139 units and includes ground-floor retail space. Candela was completed in mid-2019 and features 119 units and various amenities on the ground floor. The seller was Transwestern Development Co. The borrower was not disclosed.
HOUSTON — JLL has arranged construction financing and joint venture equity for Montrose Collective, a mixed-use project that will be located in Houston’s Montrose District. Preliminary plans call for 150,000 square feet of creative office, medical office and retail space across four buildings. Colby Mueck, Ryan West, Matthew Putterman, Jett Lucia and Matthew Williamson of JLL arranged the construction loan through Bank OZK and delivered an institutional investor advised by JPMorgan Asset Management as the joint venture equity partner. The borrower was locally based development and investment firm Radom Capital.
HOUSTON — NorthMarq has arranged a $28.5 million loan for the refinancing of Champions Forest Plaza, an 187,000-square-foot retail center in Houston. Originally built in the 1960s, the property was 92 percent leased at the time of the loan closing to tenants such as The Container Store, Gap, Ann Taylor, Starbucks and Jos. A. Bank. Matthew Franke, Ray Driver and Michael Borden of NorthMarq arranged the 15-year, fixed-rate loan with a 25-year amortization schedule through OneAmerica, an Indianapolis-based life insurance company. The borrower was Smithco, a locally based developer.
HOUSTON — Parkview Financial has provided a $38 million loan for the construction of a 168-unit apartment community located at 1107 Shepherd Drive in Houston. The property will also feature 20,475 square feet of ground-floor retail space and a 305-space parking structure. Amenities will include a pool, fitness center, outdoor kitchen, business center and a dog park. Construction has commenced and is expected to be complete in mid-2021. Greystone arranged the loan on behalf of the borrower, Hunington Properties.
AUSTIN, TEXAS — NorthMarq has arranged a $64.5 million loan for the refinancing of SXSW Center, a 13-story office building located at 1400 Lavaca St. in downtown Austin. Designed by Pei Cobb Freed, the Class A property spans 143,998 square feet and features a fitness center, bike storage and electric car charging stations. WeWork occupies three stories at the building. Jim Lemos of NorthMarq arranged the loan, which carries a fixed interest rate and a 26-year term, through Pacific Life Insurance Co. The borrower was not disclosed.
LUBBOCK, TEXAS — Walker & Dunlop has provided a $13 million HUD loan for the refinancing of Crown Point Health Suites, a skilled nursing facility in Lubbock. The property was built in 2011 and features 96 units. Kevin Giusti of Walker & Dunlop structured the financing through HUD’s LEAN 232/233(f) program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The borrower was not disclosed.
HOUSTON — Acres Capital Corp., a New York-based balance sheet lender, has provided a $49 million construction loan to fund the completion of Sovereign at the Ballpark, a 229-unit apartment community located near Minute Maid Park in downtown Houston. Units at the Class A property will feature stainless steel appliances, granite and quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, game room, golf simulator and a coffee bar. The borrower was Sovereign Properties, an investment and development firm led by Russ Krivor. The construction loan carries an 18-month term.
HOUSTON — Hunt Real Estate Capital has provided an $18.1 million Fannie Mae loan for the refinancing of Copperwood Ranch Apartments, a 280-unit affordable housing community in Houston. Built on 12.1 acres in 2003, the property features 48 one-bedroom units, 168 two-bedroom units and 64 three-bedroom units. Amenities include a pool, recreation room, playground, fitness center and onsite laundry facilities. The loan was structured with a 15-year term, two years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.
CAMBRIDGE, MASS. — Square Mile Capital Management LLC has provided a $433.8 million construction loan for the next phase of Cambridge Crossing, a mixed-use development in the Boston area. The loan will fund construction of a nine-story, 479,000-square-foot life sciences and tech building with ground-floor retail space and below-grade parking. The loan will also finance the construction of a two-story, 19,000-square-foot retail and office building located on a separate parcel. The borrower was DivcoWest, a developer with five offices around the country. Cambridge Crossing will ultimately feature 2.1 million square feet of life sciences and tech space, 2.4 million square feet of residential space, 100,000 square feet of retail space and 11 acres of open green space.
