Multifamily Financing
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| The Dallas HFF office secured $23M in financing for AMLI at Bryan Place, a 420-unit, Class A multi-housing community at 910 Texas St. in Dallas. Working exclusively for AMLI Residential Properties, HFF senior managing director Mona Carlton placed the seven-year, adjustable-rate loan with Freddie Mac. Loan proceeds are refinancing an existing agency loan. HFF will service the loan through its Freddie Mac Program Plus(r) Seller/Servicer program. | ||
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Openings Seattle-based Nordstrom plans to open a 32k SF Nordstrom Rack in The Parks at Arlington mall during spring 2011. Nordstrom Rack prez Geevy Thomas (we're adding his to our list of fave names) says the strong retail lineup at The Parks at Arlington (including Macy's, Dillard's, Sears, JCPenney, Banana Republic, Forever 21, and Barnes & Noble) makes the mall a terrific location to connect with customers in Arlington and surrounding areas. The Rack will open next to DSW on the mall's main level and feature a new exterior entrance from the mall's main surface parking area. General Growth Properties owns and manages the 1.5M SF mall. When it opens, this will be the fourth Nordstrom Rack in the DFW Metroplex. The company also operates four full-line Nordstrom stores in the area. Leasing Hall Financial Group's management division gained three new tenants and a renewal totaling almost 12k SF at the Hall Office Park in Frisco. ActionCOACH signed a new 4k SF lease at 2401 Internet Blvd. Studley's Ric Kanatzar repped the tenant. The three other deals include Tribridge (JLL's Andy Leatherman repped the tenant);Viamedia; and Perquest (repped by Duggan Realty Advisors' L.J. Erickson). Hall Financial Group was repped by director of leasing Kim Butler and leasing associate Tammy Lomonaco. *** Fuzzy's Taco Shop leased almost 4k SF of retail space in Southlake Oaks Plaza at 480-500 Southlake Blvd. (FM 1709) for its first Southlake location. The Weitzman Group's Earl Harris and Steve Gray repped the restaurant. Kimco's Scott Singleton repped the shopping center. *** Gulfeagle Supply Co. leased a 40k SF building from Scott Investment Corp. The facility, which is 35k SF of warehouse and 5k SF of office, sits on three acres at 4265 Royal Ave. in Oklahoma City. Henry S. Miller Brokerage EVP Dan Spika and Gerald L. Gamble Co.'s Gerald Gamble negotiated the transaction. *** Bradford Commercial Real Estate Services worked four renewals including two deals for Acquiport DFWIP.
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Sales Two Irving apartment communities were sold to a California-based investor, XEBEC Realty Partners. The company purchased the 320-unit Town Lakes Village Apartments on West Pioneer Dr. in Irving from the Principal Financial Group and the 220-unit Northgate Apartment Homes near Belt Line Road from Trivest Residential. New Business 1st Service Solutions formed a strategic alliance with Reznick Restructuring Solutions to provide borrowers with CMBS loan modification assistance. The alliance will provide full-service loan restructuring, recapitalization and tax advisory solutions to large, mid-sized and small-asset property owners and developers with distressed properties secured by CMBS debt or those facing cash- flow issues when loans come due. *** Dallas-based Rainier Medical Investments hired architect Perkins+Will for the development of the 21-acre River Walk Medical Park, located within The River Walk at Central Park and next to the new Texas Health Presbyterian Hospital Flower Mound, the Cross Timbers Gazette reported. RMI also announced that it has soft leasing commitments of approx. 70k SF in the first medical office building, currently planned to be a three-story 80k SF building, according to the article. Early indicators are that RMI will break ground this fall with a summer 2011 occupancy. *** Senior living community operator Capital Senior Living Corp. entered into a definitive agreement with Signature Assisted Living of Texas to acquire Signature's interests in 12 leases with Health Care REIT. The 12 leased communities are assisted living and memory care facilities located in Texas. The transaction is expected to close in 3Q10. The Signature communities have approximately 677 units and include 532 units of assisted living and 145 units of memory care, with a combined capacity of 764 residents. The communities average less than three years of age. In June, financial occupancy at the combined communities was approx. 91%. The 12 Signature communities will bring to 29 the total number of communities the company operates in Texas. Annualizing the 12 senior housing communities' revenues as of May 2010 yields approximately $30.3M, with EBITDAR of about $13.5M net of incremental general and administrative expenses. The annual payment due to HCN is expected to be $8.9M. Consequently, EBITDAR is expected to exceed the annual cash payment due HCN by about $4.6M. | ||
People The Dallas office of LEO A DALY appointed Tracey Bush as business development representative. She'll be responsible for growing the office's hospitality portfolio and developing pursuits in the senior living market. She has more than 17 years of experience in the architecture and interior design industry. Most recently, she served as director of marketing for RDH & Associates in Addison. Good News CNNMoney.com reports that the DFW metro area added more residents during the past decade than any other city in the US. The website cites the latest Census Bureau figures (good thing we quit using that as a coaster and sent it back) showing the population of the metro area grew by about 1.3M people or 25% between April 1, 2000, and July 1, 2009. The population is now estimated at 6.5M residents, but an exact count won't be available until the 2010 census is complete. |
