This Week's Dallas-Fort Worth Deal Sheet
Valencia Hotel Group obtained a $19.5M loan to refinance the Texican Court hotel in Irving.
Sonnenblick-Eichner Co. arranged the nonrecourse, five-year, fixed-rate loan, which was funded by a Wall Street investment bank.
“We had 18 financing quotes on this transaction and we successfully closed this financing at a debt yield of less than 12 percent,” Sonnenblick-Eichner Co. principal Patrick Brown said in a statement.
The 152-room boutique hotel was built in 2019 and is located in the Las Colinas Urban Center, a 12,000-acre, master-planned development offering 35.8M SF of office space.
PEOPLE
Greystone named Colin Grayson as a managing director for its lending business platforms. With 15 years of experience, Grayson will focus on originating multifamily debt and finance solutions, including Fannie Mae, Freddie Mac, Department of Housing and Urban Development, bridge and other proprietary debt products. He is based in Dallas and reports to Senior Vice President of Agency Production Vince Mejia.
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Dallas-based Mycon General Contractors welcomed Tad Sellman as vice president. Sellman will spearhead the company's strategic expansion into the multifamily sector, highlighting Mycon's dedication to broadening its portfolio and adapting to the changing needs of its client base.
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Texas-based Matthews Southwest Hospitality named Eric Friend vice president of development and acquisitions. In this role, Friend will support the company’s hospitality division through the development and acquisition of new hotels and resorts throughout North America, with a focus on expanding the Canvas Hotel brand. Friend was vice president of asset management at Bank OZK Real Estate Specialties Group.
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SRS Real Estate Partners named Rose Meza as a senior vice president focused on retail landlord and tenant representation. Meza brings more than a decade of real estate experience, including working with retail tenants and national and regional owners. Meza was a partner and senior vice president at Segovia Partners.
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Dallas-based Carleton Cos. hired Tasha Krawiec as the president and CEO of the firm’s property management company, Carleton Management Services. She worked as senior vice president at Indio Management, where she was responsible for all aspects of property management operations.
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CBRE named Kelly Whaley as senior managing director of investment services for DFW. Whaley will lead investor leasing, capital markets and property management business lines. He joins CBRE from Harwood International, where he spent the past seven years as director of leasing.
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BKV Group hired Melanie Hanna as director of interior design and senior associate, working out of the company’s Dallas practice site. Hanna will support the firm’s growth with a concentration in the corporate and hospitality sectors in the DFW area and across the Sun Belt. Hanna brings 17 years of experience in interior design and brand strategy, most recently as a senior project designer and senior associate at BOKA Powell.
LEASES
KCW Enterprises renewed 38K SF of flex space at 2600 Research Drive in Plano. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, and First Vice President Jared Laake represented the landlord, Kennington Research. Grace Bowers of Colliers International represented the tenant.
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Lennox Industries renewed 10K SF of warehouse space in Northgate Business Park at 11401-11431 Plano Road in Dallas. Jason Finch, senior vice president of Bradford Commercial Real Estate Services, represented the landlord, Tyler Family Real Estate Investments. Mike Cleary and Tammy Lomonaco of Colliers International represented the tenant.
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Chint Power Systems leased 76K SF at Wylie Business Center at 2801 N. State Highway 78 in Wylie. JLL’s Kurt Griffin, Nathan Orbin and Dalton Knipe represented the owners, Lovett Industrial and Cresset Real Estate Partners. Mercer Co.’s Christian Moore represented the tenant.
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WSP USA extended its 11K SF industrial lease at 4801 Spring Valley Road in Farmers Branch. Newmark’s John Shaunfield and Kyle Jett represented the tenant. CBRE represented the landlord, Spur Ridge Farmers Branch.
SALES
Cushman & Wakefield arranged the sale of Remington Ridge, a 257-unit multifamily community in Weatherford. The 133-unit first phase was built in 2022, and construction is underway for an additional 124 units in Phase 2. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Trinity Capital Group, in the transaction. The buyer was Juniper Investment Group.
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The Aspenwood Co., a Texas-based senior residential management and operations company, acquired four retirement communities in Plano, Denton and McKinney. The properties will operate under The Village on the Park brand. Together, they contribute a total of 366 units to Aspenwood’s portfolio.
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Newmark facilitated the sale of Spring Creek Business Park, a 52K SF industrial property in Richardson. Newmark’s Sara Fredericks represented the seller, Adima US. Morgan Realty Group represented the buyer, BBE Phoenix Fund.
CONSTRUCTION AND DEVELOPMENT
Gage Zero, an Austin-based company that deploys and operates electric vehicle charging infrastructure, and DFW-based Hillwood will partner to create Texas’ first public commercial EV charging facility at the 27,000-acre AllianceTexas development north of Fort Worth. The collaboration will increase supply chain resilience and last-mile efficiency that will decrease costs and improve sustainability, according to a news release.
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EastGroup Properties broke ground on Denton Exchange 35, a 244K SF Class-A industrial complex in Denton. Stream Realty Partners Senior Vice Presidents Forrest Cook and Mac Hall and associate Connor Land handle leasing for the property. They will work with EastGroup Vice President David Hicks, who is responsible for the firm’s operations in Austin, DFW and Nashville. Other key contributors to the project include Alliance Architects, GMcivil and Rosenberger Construction.
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Colliers broke ground on Tristar Business Park in Irving. The two-building, 174K SF project is on Highway 114, east of DFW Airport. Executive Vice President Greg Cannon and associate Colin Penny represent the developer, Hopewell Development, and their joint venture partner, MBK Industrial Properties.
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Mycon General Contractors broke ground on Parkwood Collision Center off Highway 380 in Little Elm. This design-build project includes the construction of a two-story, 32K SF collision center and an adjacent 15K SF retail center. Construction is estimated to be completed in March 2025.
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Construction got underway on The Flynn at Live Oak, a 327-unit apartment building at 4931 Live Oak St. in Old East Dallas. Conor Commercial Real Estate is developing the five-story project, and Merriman Anderson Architects is the architect and planner. Cadence McShane is the builder. The Flynn, expected to open next spring, will be managed by Greystar.
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Banyan Residential, in partnership with Bridge Investment Group, opened Banyan Flats, a 289-unit apartment community at 2022 N. Beckley Ave. in Dallas. The mixed-income development is one of the city's first Public Facility Corp. projects and will set aside 50% of units for families making at or below 80% of area median income.
THIS AND THAT
Leon Industrial tapped Foundry Commercial as the property manager of record for its approximately 2M SF DFW industrial portfolio. Foundry Commercial’s scope will include Leon Industrial’s two most recent Class-A developments, Airport Corporate Center, a 60K SF property near DFW Airport in Irving, and Town East Logistics Center, a 194K SF facility in Mesquite.
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Landsea Homes Corp., a publicly traded homebuilder, completed its acquisition of Antares Homes, a DFW-based homebuilder, for approximately $242.5M in cash, which includes repayment of an anticipated $43.2M of Antares Homes debt. Antares Homes is building new homes in 19 DFW communities, including Fort Worth, Burleson, Crowley, Forney, Granbury and Midlothian. As part of the sale, Melissa Kelly was named president of the company’s new DFW division. Kelly joins Landsea Homes after serving as vice president of sales and marketing at Antares Homes.
