Lument provided a $21.5 million Freddie Mac unfunded forward commitment loan to facilitate the substantial renovation of Jackie Robinson Memorial Apartments, an affordable multifamily property in El Paso, Texas. Lument is the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group. “By combining the Freddie Mac unfunded forward loan with tax credit equity and other soft funding sources, we were able to put in place an attractive debt structure to help improve these much-needed affordable apartments,” said Josh Reiss, director at Lument. Originally built in 1975, Jackie Robinson is a 186-unit, 4 percent low-income housing tax credit (LIHTC) community in the Housing Authority of the City of El Paso (HACEP) portfolio. As part of the transaction, the property will receive Section 8 assistance that will facilitate the conversion to long-term, project-based voucher rental assistance. Subsequently, all 186 units will be restricted to tenants earning income at or below 60 percent area median income. The $21.5 million Freddie Mac loan features a low, fixed-interest rate, 18-year term with three years of interest only, and a 35-year amortization schedule. The forward commitment term will be 30 months with one six-month extension. Jackie Robinson will undergo substantial interior and exterior construction, including a gut renovation of all residential units, from new drywall to new kitchen appliances. In addition, exteriors will be improved with new windows and doors, repaired or replaced roofs and new stair towers. Construction began in October 2020 and is expected to be complete within 24 months. Reiss and the Lument team have financed over 960 units in partnership with HACEP, totaling $41 million. Since 2015, the team has financed over $565 million in RAD transactions for a total of approximately 6,500 units.
Alliant Credit Union recently closed on two multifamily loans in Texas, one for the acquisition of an apartment community and the other for the refinance of a student housing property. The value of the loans totaled $39 million. Alliant closed on a loan for the acquisition of a 385-unit multifamily property located in southwest Texas, close to the nation’s largest inland port with a strong economy anchored in logistics and transportation. The seven-year loan included a 30-year amortization schedule and longer-term flexibility with additional benefits to be realized in the future based on certain financial metrics. This transaction was referred to Alliant by Michael Thompson at CBRE. “Our team’s collective knowledge and experience in the multifamily sector, along with the mortgage brokers’ knowledgeable input, enabled us to finance the acquisition of this strong asset with highly experienced ownership and management,” said Tim Madigan, commercial loan originator at Alliant. In the Dallas-Fort Worth metropolitan area, Alliant closed on a loan for the refinance of a 90-unit, 132-bed student housing property adjacent to a local university. The five-year loan has an interest-only period followed by a 30-year amortization schedule. This transaction was referred to Alliant by Dean Giannakopoulos at Marcus & Millichap Capital Corporation. The resort-style property is completely differentiated within its immediate area, offering high-quality construction, innovative design and best-in-market product features. The community features shared amenities including a pool and game room and is conveniently located near the campus and abundant recreational, shopping, dining and nightlife venues. “The property’s unique features and strong location helped it bounce back quickly when occupancy uncharacteristically dropped, stabilizing to over 90 percent occupancy within a few short months,” said Yonah Sturmwind, loan originator at Alliant.
Centrally located at 6090 Surety Drive in El Paso, Texas, the newly renovated Tri-State Plaza has now converted approximately 4,000 square feet to offer private, single-user leasable office spaces. Rebecca Rojas, André Rocha, and Ricardo Fernandez with CBRE in El Paso are representing the landlord. These offices can accommodate a single office user, or two-to three-person teams, looking for a renovated, private workspace. Numerous health benefits include the ability to socially distance and have limited person-to-person exposures, as well as the privacy of a closed office. “We have received several calls from potential tenants seeking small spaces to accommodate just themselves, or a smaller two- to three-person team,” said Rebecca Rojas, senior associate at CBRE. “The fact is there are many businesses that are entirely driven by one person or a small team. There are often not many options for these users when seeking a private office space to conduct business in. This led the ownership group to convert this suite into a space that would suit these unique needs in the market.” There are a variety of private offices available, ranging from 120 square feet to 540 square feet. The larger spaces are potentially divisible to accommodate small teams. “The chief hurdle we are encountering right now is the desire of office-based employees to return to the office combined with concerns around maintaining personal distance and safety,” said André Rocha, associate at CBRE. “As opposed to many renovated office spaces, which often have an open workspace environment and more common areas for gathering, these private offices will allow users to re-enter the office environment in a safer way.” All offices are equipped with free Wi-Fi and secure internet and conference room access. In addition, the property offers ample parking and security card access for after-hours. “Essentially, what the ownership group has created is the opportunity for a single office tenant to have access to office space but with the walls and distancing necessary for maintaining privacy and health safety,” Rojas said. Tri-State Plaza also has other office suites available for lease, ranging from 1,300 square feet to 4,500 square feet to accommodate larger teams that are looking for renovated space.
Hugh M. Cunningham Companies (HMC) has entered the San Antonio market with a 33,000-square-foot industrial lease in the Prologis development at 4960 Eisenhauer Road. Josh Aguilar with CBRE represented the landlord. Trace Elrod with Newmark Knight Frank represented HMC. Headquartered in Dallas, HMC manufactures and distributes building materials to clients across the south-central United States. Their products include mechanical, light industrial, fire protection, HVAC and plumbing products. From the new San Antonio facilities, HMC will be equipped to better serve their central Texas clients with a more centrally located distribution center. Prologis was ultimately selected for HMC’s San Antonio distribution space due to its strategic location, proximity to I-35 and the ability to deliver a yard to house specific building supply products. “We are seeing that demand for well-positioned and well-located industrial product remains high,” said Aguilar, first vice president at CBRE. “Infill locations have continued to see strong leasing trends amidst the pandemic as users increasingly seek to be located closer to their end users.” According to the CBRE Q2 2020 San Antonio Industrial MarketView, over 197,000 square feet of warehouse and distribution space was absorbed and over 460,000 square feet of new space was delivered to the market.
RESOLUT RE recently completed 20 retail transactions throughout Texas. The deals included sales and leases in the Austin, Dallas, Houston and San Antonio markets. Clinica Hispana Rundberg has leased 1,346 square feet at Rundberg Square (825 E. Runberg Lane, Austin). Joey Mendez of RESOLUT RE represented the landlord. Discover PCR has leased 2,579 square feet at Market at Lake Creek (13776 US Hwy 183, Austin). Andrew Perkel and Michael Noteboom of RESOLUT RE represented the landlord. Donut/Taco has renewed at Cathollow Center (16420 RR 620 N, Round Rock, Texas). Michael Noteboom of RESOLUT RE represented the landlord. Enjoy Nails and Spa has leased 1,800 square feet at Shops at Domain (3310 W Braker Lane, Austin). Joey Mendez of RESOLUT RE represented the tenant. Dan Lewis of TIG Real Estate Services represented the landlord. Farmers Insurance has leased 689 square feet at Main Street at Twelfth (809 12th St, Marble Falls, Texas). Michael Noteboom and Jacob Nagy of RESOLUT RE represented the landlord. An undisclosed buyer has purchased the 42,134 square feet Town North Shopping Center at 8557 Research Boulevard in Austin. Andrew Perkel of RESOLUT RE represented the seller. Lynn Yuan of Real International Realty represented the buyer. Lewisville Boxing Team Center has leased 1,680 square feet at South Mill Plaza (782 South Mill Street, Lewisville, Texas). Stephanie Jacobs, Mai Nguyen and Jeff Lewin of RESOLUT RE represented the landlord. CBD Pros has leased 1,300 square feet at Concourse Crossing (1300 Airway Boulevard, El Paso). Chris Duncan and Jeff Lewin of RESOLUT RE represented the tenant. Jellos Liquor has leased 971 square feet at Market at Bees Creek (4225 Sienna Parkway, Missouri City, Texas). Rick Gutierrez and Marcus Banasik of RESOLUT RE represented the landlord. Katy Pure Water has leased 1,000 square feet at Brenwood Plaza (18859 W Little York Road, Katy, Texas). Rick Gutierrez and Davis Amanyisye of RESOLUT RE represented the landlord. La Casona Mexican Restaurant & Cantina has renewed at Wharton Retail Shopping Center (10314 US-59, Wharton, Texas). Taki Dallis of RESOLUT RE represented the landlord. Authorized Inspections has renewed at Three Weiman Center (14531 FM 529, Houston). Dani Allison of RESOLUT RE represented the landlord. Tony Allen of Pollan Hausman Real Estate Services represented the tenant. Cheveux by Esor has leased 963 square feet at Westwood Village Shopping Center (9615 Southwest Fwy, Houston). Eric Broussard and Benny Nguyen of RESOLUT RE represented the landlord. Lefty’s Cheesesteaks has leased 1,777 square feet at Federal Shopping Center (1000 Federal Road, Houston). Joaquin Orozco and Eric Broussard of RESOLUT RE represented the tenant. Michael Moulton of Weingarten Realty represented the landlord. Smoke World has leased 1,080 square feet at Four Corners Shopping Center (12807 Westheimer Road, Houston). Davis Amanyisye of RESOLUT RE represented the tenant. Aphrodite’s Closet has leased 1,500 square feet at Judson Business Center (13777 Judson Road, San Antonio). Carolyn Bustamante and Aisha Chapa of RESOLUT RE represented the landlord. Royal Liquor has leased 1,512 square feet at Grandview Shopping Center (8005 Callaghan Road, San Antonio). Carolyn Bustamante and Aisha Chapa of RESOLUT RE represented the landlord. An undisclosed buyer has purchased the 3,309 square feet Bus 83 freestanding building at 1514 US-83 BUS in Mission, Texas. Larry Leahy and Patricia Rodriquez of RESOLUT RE represented the seller. Omar Alanis of La Paloma Realty represented the buyer. An undisclosed buyer has purchased the 2,965 square feet building at 206 E Expressway 83 in La Joya, Texas. Larry Leahy of RESOLUT RE represented the seller. Juan Pena of Coldwell Banker represented the buyer. An undisclosed buyer has purchased 3.52 acres at the LOVE’S pad site in Lubbock (901 County Road 6200, Lubbock, Texas). Wes Tune and Mohamed Gamal of RESOLUT RE represented the seller.
Marcus & Millichap brokered the sale of 2500 West Illinois Avenue, a 19,547-square-foot office building located in Midland, Texas, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. Terms of the deal were not disclosed. Alex Sacks, Brett Rodgers and Frank M. Roti, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller and secured the buyer as well. Tim Speck assisted on the transaction as Marcus & Millichap’s Texas broker of record. 2500 West Illinois Avenue is strategically located just two blocks away from Midland Memorial Hospital. This multi-tenant building was constructed in 1955 but saw a full rebuild in 2013. The anchor tenant of the property is Midland Women’s Clinic, which is the largest women’s healthcare practice in western Texas. Other tenants of the property include Cook Children’s Clinic and LabCorp.