ProActive Commercial Lending Group, LLC, Offers Rehab Loans to Commercial Real Estate Investors in South Texas

SAN ANTONIO, TEXAS, UNITED STATES, August 17, 2022 /EINPresswire.com/ — ProActive Commercial Lending Group, LLC, a private lending company, has offered rehab loans to provide investors quick and easy capital for financing profitable real estate investment deals. The rehab loans come under the company’s “Fix & Flip” programs, designed to help investors apply and receive funds quickly for turning low-priced homes into high value properties for sale in the hot real estate market of South Texas. ProActive makes these loans possible by partnering with the country’s top private lenders and taking risks that no other bank or institution does.

ProActive’s Texas rehab loans enable investors to fund both the purchase and renovation of a ‘fixer-upper’ through a single mortgage, eliminating the need for multiple loans. The rehab loans have interest rates that range between 9.9% to 12% depending on certain conditional factors. The loans include interest-only mortgages in which the borrower is required to pay only the interest on the loan for a certain period. Their terms range from 6 to 12 months with provisions for extension on request. The loan-to-value of the rehab loans are set up to 80% after including repair value (purchase price + renovations budget combined). If borrowers work out their finances sooner than the terms of the loans, they can pre-maturely pay off the amount without incurring prepayment penalties.

Over the years, Texas has cemented its reputation as one of the best places in America for the rehab business, and this is what ProActive aims to promote with its ‘Fix & Flip’ program. With consistently low home prices, a healthy economy, increasing job opportunities, and a good rental market, South Texas rehab loan opportunities are very appealing for commercial real estate investors. Click to read more at www.einnews.com.

Eleven-property Self-storage Portfolio Sells

JLL Capital Markets announced today that it has closed the sale of an 11-property, best-in-class self-storage portfolio totaling 6,550 units in three high-performing real estate markets, the San Francisco Bay Area; Portland, Oregon; and Austin, Texas.

JLL marketed the portfolio with Pegasus Group, on behalf of the seller, Pegasus Group sponsored investments and facilitated the sale to SecureSpace Self Storage.

Operating under the Central Self Storage brand, the institutional-quality portfolio includes the following properties:

2100 A St., Antioch, CA
2721 Shattuck Ave, Berkeley, CA
324 S. Main St., Milpitas, CA
6880 Santa Teresa Blvd., San Jose, CA
900 Lonus St., San Jose, CA
13760 E. 14th St., San Leandro, CA
355 W. Hedding St., San Jose, CA
1323 NW 16th Ave., Portland, OR
8200 South I-35 Service Road, Austin, TX
14635 West SH-71, Bee Cave, TX
8327 S. Congress Ave., Austin, TX

Primarily concentrated within the San Francisco Bay Area, the portfolio was a truly unique aggregation of best-in-class real estate in a market that rarely sees scale of this type come up for sale, coupled with more recently built Class A facilities in the highly desirable growth markets of Austin and Portland. Comprising over 650,000 square feet, the portfolio was highly sought after by a mix of capital sources as investors continue to push allocations in real estate and particularly alternatives such as self-storage.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Brian Somoza and Steve Mellon, Directors Matthew Wheeler and Adam Roossien, and Analyst Jake Kinnear.

Wayfinder Real Estate Completes Sale of Troubadour in Austin

Austin-based Wayfinder Real Estate has completed the sale of Troubadour, a 321-unit apartment community in Central Austin, to an affiliate of Austin-based Christopher Investment Co.

The sales price was not disclosed.

Located one mile north of downtown Austin at 3403 Harmon Ave., Troubadour has experienced unusually strong demand since pre-leasing started in January. When first move-ins began in April, 80 apartments — 25% of the units — were pre-leased. Since then, an average of 14 new residents have signed leases per week.

The community is expected to reach 93% occupancy and fully stabilize by the end of August.

The six-story project is the first community that Wayfinder has completed and sold since industry veterans Mac McElwrath and Chris Sipes founded the company in 2019.

Wayfinder will soon complete the 295-unit Waterview community in Richmond, Texas just west of Houston and has a 362-unit project named Veranda underway in East Austin that will offer a mix of apartments and townhomes. The company also has five multifamily communities in the design and development phase in the Austin metro area and one in the Houston area.

The transaction between Wayfinder and Christopher Investment Co. was conducted off-market.

Christopher owns several other multifamily communities in the Austin metro including The Catherine just south of downtown Austin and The Pearl in north central Austin.

Troubadour offers one-, two- and three-bedroom apartments with 16 units reserved for residents making no more than 80 percent of Austin’s median family income.

Community amenities include an outdoor movie theater, a rooftop terrace overlooking the downtown Austin skyline and the University of Texas at Austin, a resort-style pool, and multiple courtyards. Locally renowned artist Chris Rogers produced custom murals located throughout the property.

Troubadour is the final multifamily community to be completed in University Park, the master planned redevelopment of the former 22-acre Concordia University campus between Interstate 35 and the Hancock neighborhood in Central Austin.

Gladstone Commercial Announces Five-Year Lease at Austin, TX Office Building

MCLEAN, VA / ACCESSWIRE / July 28, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) (“Gladstone Commercial”) announced it has entered into a 5.7 year lease with Cognizant Technology Solutions U.S. Corporation (“Cognizant”) for 41,225 square feet of its 320,000 square foot, four story office building, located at 717 East Parmer Lane in Austin, Texas, bringing occupancy to approximately 70%.

“We are delighted to have Cognizant in our portfolio and express thanks to their real estate department for their assistance on the deal. We could not have asked for better partners. This transaction shows the strength of the Austin market and the resiliency of the office sector. I would also like to thank Bethany Perez and Colton McCasland of JLL for their untiring work,” said Perry Finney, Senior Vice President of Gladstone Commercial.

Buzz Cooper, Gladstone Commercial’s President, added, “Cognizant is a great tenant to have and adds to the strength of our already impressive roster of tenants. We appreciate the speed and efficiency in which they acted to execute the deal.” Click to read more at www.gladstonecommercial.com.

New Mixed-use Project Coming to Corner of Hwy. 79 and Kenney Fort Boulevard Following Council Approval

A new mixed-use project could bring up to 530 housing units and commercial space to the northwest corner of Kenney Fort Boulevard and Hwy. 79 following Round Rock City Council’s approval of annexation and rezoning requests as well as a utilities service agreement.

The trio of action items went before council July 28, requesting an 8.955-acre plot of land be rezoned to a planned unit development to allow for mixed residential and commercial use, to be serviced by city water and wastewater utilities and annex 7.287 acres of the property that are not already within the city’s limits. The city previously annexed the property’s frontage along Hwy. 79 in 1979, according to city documents. All were approved unanimously.

The PUD zoning allows for a maximum build height of eight stories, although Brad Wiseman, Round Rock Planning and Development Department director, said the developer, Gulf RC Ventures LLC, is planning a multifamily project with a height of six stories. According to documents detailing the zoning request, 90% of necessary parking for the development will be contained in an attached parking garage, and 25% of units will have balconies. Click to read more at www.communityimpact.com.

Stratus Properties Inc. Announces Construction Financing for The Saint George, a Multi-Family Project in North-Central Austin

Construction Set to Commence Later this Month

AUSTIN, Texas, July 21, 2022–(BUSINESS WIRE)–Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that it has completed construction financing for the development of The Saint George, a 316-unit luxury wrap-style multi-family project to be constructed in north-central Austin on Burnet Road. The Saint George project is located within minutes of the University of Texas, downtown employers, Apple Inc.’s new North Austin campus, the Q2 Stadium-home to Austin’s major league soccer team Austin FC-and The Domain, an upscale retail, office and residential center with more than 100 stores and restaurants. Construction is expected to commence later this month.

William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, stated, “We are pleased to announce that we have obtained construction financing for The Saint George, another Stratus multi-family project, located in the rapidly growing Burnet corridor in north-central Austin. The Saint George will be a high-quality addition to our portfolio, ultimately adding value to our leasing operations. After project stabilization, we look forward to considering monetization opportunities for this property.”

The project is owned by The Saint George Apartments, L.P., a Texas limited partnership and a Stratus subsidiary. The construction financing consists of a four-year construction loan from Comerica Bank to the limited partnership in the amount of $56.8 million, which is secured by the project. Stratus provided a completion guaranty and twenty-five percent repayment guaranty, which will be eliminated once the project meets specified conditions. Click to read more at www.finance.yahoo.com.