Lument has announced the closing of a Freddie Mac conventional multifamily loan to refinance Horizon Hill, a 273-unit garden-style apartment complex in San Antonio, Texas. John Sloot, vice president in Lument’s Dallas office, led the transaction. Originally constructed in 1982, Horizon Hill was purchased by the sponsor, REEP Equity, in June 2018 with a short-term bridge loan. Occupancy was below stabilization at the time of acquisition. REEP Equity, in-step with its in-house property management company REEP Management, promptly initiated a plan to increase occupancy and rehabilitate the property. Interior and exterior renovations were completed by December 2019 and occupancy quickly reached stabilization. The Freddie Mac loan is structured as an adjustable rate mortgage (ARM) with a 10-year term, four years of interest only, and 30-year amortization. In addition to refinancing the existing debt, the closing provides substantial cash-out proceeds for the borrower. A repeat client of Freddie Mac with extensive multifamily experience, REEP Equity has bought, sold and managed over 2,000 units.

Midway, the privately owned, fully integrated real estate investment, development and management firm, has partnered with GrayStreet Partners, the San Antonio-based investment group specializing in urban commercial real estate, to transform the former Lone Star Brewery site into San Antonio’s newest up-and-coming lifestyle destination called the Lone Star District. Complementing its unique setting in the heart of the local arts scene, amidst historic neighborhoods, unique landmarks and walkable public spaces, the project’s 32 acres of carefully designed, multi-phase, mixed-use development are intended to revitalize the site into an authentic community gathering space, welcoming a wide variety of tenants, local residents, workers and visitors of all ages and diverse cultures. Just 1.5 miles south of downtown San Antonio, the Lone Star District is located within the city’s Southtown Arts District. Known for its vibrant art and restaurant scene including Blue Star, the area is also one of the most desirable residential areas in the city, with five neighborhoods including King William, Lavaca, Lone Star, Collins Garden and Roosevelt. The site borders the San Antonio River, boasting over a quarter mile of river frontage on the Mission Reach, and is adjacent to Roosevelt Park.

Midway and partner GrayStreet Partners plan to develop Lone Star District over a decade. The master plan applies a multi-phased approach with opportunities for both redevelopment of the existing historic buildings as well as approximately 15 acres of vacant land. Early stage activations will invite people to experience the site, which has been inaccessible to the public for decades. The first phase of Lone Star District includes a 12-acre mixed-use project located directly south of Lone Star Boulevard. Centered on the site’s historic core, the first phase will feature a mix of residential, office, retail, restaurants, bars and entertainment venues. Renovated historical buildings will remain alongside new construction to create an environment that is unique and differentiated from other local offerings. The walkable environment will encourage an active, al-fresco lifestyle with Southwestern-style open-air plazas, pocket parks and dynamic outdoor programming. Thoughtfully designed with multiple points of entry, Lone Star District will also provide greater connectivity for pedestrians and bikers to surrounding neighborhoods. Lone Star District is expected to become a new regional connection for residents and visitors alike, offering direct access to major thoroughfares including I-10 and I-35. The five Spanish colonial missions that make up Texas’ first and only UNESCO World Heritage Site are all located within six miles of Lone Star District, making it a convenient stop for tourists to experience San Antonio’s local flair. Other nearby attractions include the Alamo and the King William Historic District. Midway and GrayStreet Partners have assembled a stellar design team for Lone Star District including master plan architects Lake|Flato and OJB Landscape Architecture, as well as civil engineer WGI Engineers.

NAI Partners recently arranged a 23,172-sq.-ft. industrial lease for Westwinds Wholesale Doors at Settlers Crossing in Round Rock, Texas. NAI Partners’ Troy Martin represented the tenant in the transaction. Adam Green with Stream Realty represented the landlord in the transaction. Westwinds Wholesale Doors, Inc. is a wholesale distribution company providing quality door products to contractors and installers in Oklahoma, Texas, Colorado & the surrounding regions.

JAMCO Group has signed a long-term lease on a large warehouse space at Laredo Business Park. At 500,000 square feet, the property is the largest warehouse space in Laredo, TX. The deal was brokered by Forum Commercial Real Estate. The building was originally developed in 1999 by privately-held industrial developer Majestic Realty Co. The space was first developed as a built-to-suit facility for Mattel, Inc. and is part of a two-building 60-acre master-planned business park, in the heart of Laredo’s industrial corridor. By providing global logistics, freight forwarding services, and other supply chain services, JAMCO became the first local US Customs broker to occupy a space in the Laredo market larger than 100,000 square feet in over 20 years. Recently celebrating their 25th year in business, and with multiple locations along the US-Mexico border, JAMCO has made a regional mark with well over 700,000 square feet of space in Laredo, and nearly 1,000,000 square feet across the Texas-Mexico border region. Occupancy of the Laredo warehouse is scheduled for this June. The space will be used as a distribution center for finished goods manufactured in Mexico and then staged in Laredo as the cross-border distribution hub.