Jackson Spencer Law, PLLC renewed 5,045 square feet at 12221 Merit Drive in Dallas, TX. Collin Mangrum with Mangrum Commercial, LLC represented the tenant and Richard Maloof represented the landlord, Hartman Income REIT.

Lument recently announced the successful underwriting of $25 million in short-term bonds and the closing of a $22.1 million Freddie Mac unfunded forward loan as part of a financing structure that allows DHA Housing Solutions for North Texas (DHA) and the Volunteers of America National Services (VOANS) to develop The Oaks, a mixed-income seniors housing community in Dallas, Texas. Tracy Peters, senior managing director, and Dale Giffey, associate director, led the transaction for Lument.

The Oaks is being co-developed by DHA and VOANS, the latter of which is also the sponsor and guarantor. DHA is the tenth-largest housing authority in the country, providing housing assistance in North Texas to more than 54,000 people annually through its Public Housing and Housing Choice Voucher programs. In addition, DHA provides more than 2,000 units of workforce housing through its owned housing and partnerships with private developers.

“We are excited to work with Volunteers of America National Services to create much-needed affordable housing for the seniors in our community,” said Troy Broussard, president and chief executive officer for DHA. “Our goal is to increase the amount of essential affordable housing across the communities we serve, and The Oaks is going to be a wonderful development in Oak Cliff that houses seniors and also provides access to healthcare for our neighbors.”

VOANS was formed in 1982 as a result of Volunteers of America consolidating its housing and healthcare services into one nonprofit corporation that oversees housing development projects. VOANS has a portfolio of approximately 240 properties and 13,000 units across 40 states and Puerto Rico.

Construction on The Oaks is expected to be complete in 2023. Upon stabilization, the $22.1 million Freddie Mac loan and tax credit equity will be used to pay off a $35 million construction loan from a national bank. The financing structure also includes subordinate debt of $4.5 million from HOI, Inc. the bond issuer, and $750,000 in Capital Magnet Funds from VOANS.

The Oaks will consist of 260 units for residents aged 62 or older. Over 90% of the units will have income or rent restrictions, with 216 units serving seniors earning at or below 60% area median income (AMI) and 27 units serving seniors earning at or below 30% AMI. In addition, DHA will provide project-based vouchers (PBVs) for 103 of the units and public housing subsidies for 27 units.

The 260 units are housed in a four-story building configured around an interior landscaped courtyard with seating, outdoor cooking amenities, and a covered pavilion area. Other amenities include a community garden, onsite medical clinic, two rooftop decks, clubhouse, craft room, fitness room, and two dog parks. The property will be managed by VOA-Texas.

DWG Capital Partners (DWG), a fully integrated Los Angeles-based commercial real estate investment firm, has completed the acquisition of the M. Roberts Media (MRM) headquarters and industrial production facilities in Longview, Texas, from MAG Capital Partners.

Totaling 124,417 square feet, the properties are located in Longview’s central business district at 320 E. Methvin St. and 325 E. Tyler St. and are fully occupied by M. Roberts Media.

The acquisition is the second DWG has completed in Texas this year, as it continues to pursue investment in key industrial sectors situated in well-located markets.

“Despite the pandemic, we have identified markets which continue to thrive, and M. Roberts Media stands out among companies that have successfully adapted in a rapidly evolving environment,” said institutional real estate veteran Judd Dunning and DWG founder.

MRM, a diversified media and marketing solutions company, was founded by Morris Roberts in 1942 with the purchase of one local newspaper. In June 2021, Roberts was inducted into the Texas Newspaper Foundation Hall of Fame and the family-owned company was celebrated for advancing a legacy of a free and responsible press. The honor follows the pandemic-driven expansion of its Digital Division, PR service and commercial printing operations.

The properties are situated in an Opportunity Zone and have an additional developable parcel, which opens a secondary strategy for DWG Capital Partners to explore.

DWG Capital Partners is in the midst of an aggressive expansion to acquire $250 million in Assets Under Management over the next three years as part of an overall strategy to maximize returns and minimize risk for investors while accommodating integration and growth within the highly specialized light industrial sector.

Dugan Kelly, managing partner of Kelley Clarke PC, represented DWG Capital Partners in the transaction.

CBRE announced the sale and financing of Parkside at Craig Ranch, a 1,824-unit, five-phase multifamily community within Craig Ranch, a 2,200-acre master-planned community in McKinney, Texas. The sale marks the largest single-asset multifamily transaction in Texas history.

Funds sponsored by Harbert Management Corporation purchased the property from Columbus Realty Partners. Danny Baker, Johnathan Makus, Nita Stewart, Chandler Sims, Kevin O’Boyleand Mikey Bryant with CBRE Capital Markets’ Dallas Multifamily team represented the seller. Mike Bryant, Jon Wooton and Kathryn Womble with CBRE’s Debt & Structured Financing (DSF) team arranged a $242 million loan on behalf of the buyer.

“Investors were drawn to the opportunity to acquire Parkside at Craig Ranch due to its size, differentiated product, northern suburban location, and cashflow resiliency through COVID followed by immense rent growth throughout 2021,” said Baker, executive vice president with CBRE. “This acquisition is truly a unique opportunity for scale in a high-quality location.”

“This five-phase fortress suburban asset is an exceptional and uniquely-located property that received overwhelmingly strong interest from the lending community,” said Bryant, Vice Chairman and Managing Director with CBRE’s DSF team. “Our team is incredibly proud to be part of this record-breaking transaction.”

Constructed between 2013-2021, the property’s new owners are likely to modernize unit interiors in Phase 1 and upgrade technology throughout the project. The five phases total 1,536,189 sq. ft. of net rentable space and offer tenants market differentiating amenities including an on-site convenience store, multiple fitness centers and a centralized workroom with private offices.

CBRE Dallas Multifamily has held the #1 rank in DFW multifamily investment sales since 2018. The team has marketed and sold $5.6 billion year-to-date, including nearly $2.8 billion in Class A and new construction assets.

JLL Capital Markets announced today that it has arranged a refinancing for Vine on North Park, a 216-unit, garden-style multi-housing community in the Dallas-Fort Worth-area community of Grapevine, Texas.

JLL worked on behalf of the borrower to place the 10-year fixed-rate loan with NexBank. Loan proceeds will be used to continue executing the borrower’s capital improvement plan for the property.

Completed in 1985, the borrower started converting the asset into a value luxury property in 2018 and will continue making renovations and managing the property. More than half of the units at Vine on North Park have been renovated to include granite countertops, stainless steel appliances, brushed nickel lighting and hardware and upgraded faux wood flooring and carpeting. All units contain private balconies or patios with additional storage and large closets. Residents can enjoy shared community amenities such as a clubhouse with coffee bar, outdoor pool with grilling center, fitness center, package lockers, business center, dog park, basketball court, playground and a clothes care center.

Vine on North Park is situated on nearly 12 acres at 601 N. Park Blvd. in Grapevine, a northern suburb equidistant between Dallas and Fort Worth downtowns and one of the only DFW suburbs with extremely high barriers to entry for new development. The property is minutes from some of the busiest highways in North Texas, including State Highways 114, 121 and 360, providing convenient access to all major employment centers throughout the Dallas-Fort Worth MSA. The immediate area surrounding the property is supported by a strong demographic base with average annual household incomes exceeding $140,000 within a three-mile radius, and the school district is regarded as one of the best in the state and in the top three percent in the country.

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.