California Bank Relocating HQ to North Texas; Names Executive for Real Estate

GTT or Gone to Texas was a familiar slogan in the 19th century and it seems to be happening again. The latest example is a bank. Irvine, California-based First Foundation Inc. (NASDAQ: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, on April 5 announced an expansion into Texas with the relocation of its principal executive office to Dallas. The company will occupy space at The Crescent. The move to Texas aligns with First Foundation’s strategic goals of expanding into major markets that present great opportunities for banking, trust, and wealth management, and with the expansion into its fourth state moves First Foundation into the regional bank category, according to a news release from the bank. “The Dallas-Fort Worth area today reminds me of what Southern California was like 30 years ago, where First Foundation started, and for me personally, it is nice to return to Texas as my roots are in the South,” said Scott F. Kavanaugh, CEO of First Foundation Inc. “Texas has such a business-friendly environment which gives us confidence in being able to serve the communities of Dallas with our high standard of exceptional client care. This also is a natural expansion for our company and marks a milestone as we enter our fourth state and truly become a regional bank. We are excited about offering our services to more clients and building meaningful relationships with those who seek financial guidance from our team of dedicated professionals.” Click to read more at www.fortworthbusiness.com.

Houston’s Uptown Development Authority Completes $122 Million in Bond Financing

The Uptown Development Authority (UDA) has successfully completed the second half of its $112 million bond financing. The bonds consisted of a $48 million privately placed series 2021A bond at 2.0% and a $64 million public offering series 2021B bond at 3.52%, for an all-in combined cost of 3.18%. The proceeds will fund affordable homes throughout Houston, directed by the City’s Housing and Community Development Department. The low interest rates achieved for the issuance of the Series 2021B, led by UBS Financial Services Inc., show that bond investors view both Houston and UDA’s fiscal health positively. Houston has been nationally recognized for establishing the model of an impactful affordable housing response system. Moving beyond supporting existing homeowners and renters, this funding will allow Houston to assist 1,000 new low-to-moderate income homebuyers throughout the City. The proceeds will support the City of Houston’s “1000 Affordable Homes Program.” This program includes New Home Development: $47 million, 575 homes – The new home development program will support affordable home development for owner-occupied homes, with a special focus on development within the Mayor’s Complete Communities. Homebuyer Choice Community Land Trust: $53 million, 425 homes – The Homebuyer Choice Community Land Trust program supports new homebuyers willing to purchase a home in a land trust model. More information about the land trust model is available at www.houstonclt.org.

DWG Capital Adds Sugarland-Area Industrial Facility to Portfolio

DWG Capital Partners, a fully integrated Los Angeles-based commercial real estate investment and capital markets firm, announced its acquisition of a Texas industrial property in a sale-leaseback transaction for an undisclosed sum. The 35,835-square-foot light industrial facility located at 1317 Business Highway 71 North in Columbus, Texas is situated near Houston’s Sugarland submarket and is fully occupied by The Theut Company, a division of Denver Glass Interiors (DGI), which is a portfolio company of Dallas-based private equity firm Baymark Partners. In a multi-layered transaction, a team from DWG Capital Group, led by President Judd Dunning, sourced the pre-market opportunity, developed a total value and risk assessment, structured the sale-leaseback, procured financing, and then secured numerous highly qualified investors for the venture. The Theut Company, also known as Theut Glass, is a commercial glazing company that also fabricates metal framing in its shop, with expertise in glazing systems for educational, municipal, religious, and other construction where an architectural focal point is derived from glass and metal aesthetics. Founded in 1986 in Columbus, Texas, by brothers Rusty and Scott Theut and their father Stan, the company was acquired by DGI in December 2020. Bryan Huber and Michael Soleimani of SAB Capital represented the tenant in the 17-year absolute NNN sale-leaseback. Washington Federal Bank provided acquisition financing for the venture.

DWG Capital Adds Sugarland-Area Industrial Facility to Portfolio

DWG Capital Partners, a fully integrated Los Angeles-based commercial real estate investment and capital markets firm, announced its acquisition of a Texas industrial property in a sale-leaseback transaction for an undisclosed sum. The 35,835-square-foot light industrial facility located at 1317 Business Highway 71 North in Columbus, Texas is situated near Houston’s Sugarland submarket and is fully occupied by The Theut Company, a division of Denver Glass Interiors (DGI), which is a portfolio company of Dallas-based private equity firm Baymark Partners. In a multi-layered transaction, a team from DWG Capital Group, led by President Judd Dunning, sourced the pre-market opportunity, developed a total value and risk assessment, structured the sale-leaseback, procured financing, and then secured numerous highly qualified investors for the venture. The Theut Company, also known as Theut Glass, is a commercial glazing company that also fabricates metal framing in its shop, with expertise in glazing systems for educational, municipal, religious, and other construction where an architectural focal point is derived from glass and metal aesthetics. Founded in 1986 in Columbus, Texas, by brothers Rusty and Scott Theut and their father Stan, the company was acquired by DGI in December 2020. Bryan Huber and Michael Soleimani of SAB Capital represented the tenant in the 17-year absolute NNN sale-leaseback. Washington Federal Bank provided acquisition financing for the venture.