Greystone Provides HUD-insured Financing for San Antonio Multifamily Property

Greystone has provided a $49,680,000 HUD 223(f) loan to refinance a 360-unit multifamily property in San Antonio, Texas. The financing was originated by Greystone Director Reuben Dolny, on behalf of The Bascom Group, a repeat client of the firm.

Built in 2001, The Anthony at Canyon Springs in Bexar County consists of 37 garden-style buildings with one-, two-, three- and four-bedroom units. Amenities include a clubhouse, resort style pool, tennis court, exercise room, sauna, movie theater, and putting green. The $49.7 million HUD-insured loan carries a 35-year term, 35-year amortization and a low, fixed rate. The property also qualifies for a 35-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards. The Class-A property will go through an interior and exterior renovation plan, and the tenants will not only benefit from the renovations, but will also see a reduction in utility consumption.

Pearlmark Closes on Potranco Commons in San Antonio

Pearlmark has closed on a $11.3 million B-note investment for the development of Potranco Commons, a 360-unit multifamily property located in San Antonio, Texas. The development will consist of 180 market-rate units and 180 affordable units located in the Far West San Antonio submarket. The property will offer high-end amenities and access to a multitude of nearby employers.

The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). The A-note holder is Madison Realty Capital. Marc Suarez of Lument represented the borrower and sponsor, LYND Development, in securing the financing.

Pearlmark Managing Director Steve Gordon arranged the transaction for Pearlmark.

Assured Benefits Administrators Signs a Full-Floor Lease at Three Forest Plaza in Dallas

May, 9, 2022 (Dallas, TX)— Assured Benefits Administrators (Assured Benefits) has signed a long-term, full-floor lease at 12221 Merit Drive (Three Forest Plaza) in Dallas, TX. The third-party full-service healthcare benefits provider, beginning fall of 2022, will occupy 20,799 square feet on the top floor of the nineteen story, class-B office building owned and operated by Hartman Income REIT Management, Inc., a Texas-based commercial real estate owner and operator with $809m in assets under management.

Assured Benefit’s new custom build-out will be overseen by Hartman’s Regional Construction Manager, Heather MacGillis, and Assistant Project Manager, Jayden Stone. Brian Bentley with Team Contractors will execute the general contractor duties.

The new office space will feature 27 standard offices and one executive office, each boasting views of the Dallas skyline. Included in the build-out will be a large training room and conference room, with the capacity to seat 18 individuals. A large open kitchen and breakroom concept will be equipped with state-of-the-art appliances. Additionally, the center of the full-floor suite will feature a flex space/open concept layout to be outfitted with modular furniture for the company’s flexible workstyle.

Hartman’s Three Forest Plaza office building offers an on-site deli and is LEED Certified. The property is commuter-friendly, with quick access to the Lyndon B Johnson Freeway (I-635) and North Central Expressway (US-75).

Welcoming the Assured Benefits team, Hartman’s President and CEO, Al Hartman, shared, “We are delighted to lease this terrific space to the Assured Benefits team. The investment they have made in their new space shows just how committed they are to providing their employees with a flexible and well-balanced workplace. We are proud to call them tenants.”

John Roper with CBRE represented Assured Benefits in lease negotiations with Hartman, and Richard Maloof, Senior Executive Vice President of Leasing, represented Hartman.

To learn more about leasing commercial real estate in San Antonio, Houston, or DFW (Dallas Fort Worth), please contact a Hartman leasing agent at 800.880.2212 or visit www.hi-reit.com.

Dollar Tree Leased Former Pier 1 Imports in Victoria, TX

Lynann Pinkham, Cravey Real Estate Services, Inc.’s retail expert finalized the 8,914 SF lease with the national retail chain, Dollar Tree. Dollar Tree has completed construction in the former Pier 1 Imports space located at 7903 N Navarro St, Victoria, Texas. Lynann represented VEREIT Real Estate LP (Landlord) in the transaction.

VEREIT, Inc. was a real estate investment trust headquartered in Phoenix, Arizona that invested in single-tenant retail, restaurant, office and industrial properties. As of December 31, 2020, the company owned 3,831 properties with an aggregate of 89.7 million square feet. The company was acquired by Realty Income in November 2021. Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Spain and the United Kingdom that are subject to NNN Leases. The company is one of a few real estate investment trusts that pays dividends monthly, rather than quarterly, and has registered a trademark for the phrase “The Monthly Dividend Company”.

Dollar Tree, Inc., a Fortune 200 company, is a leading operator of discount variety stores that has served North America for more than thirty years. The Company is headquartered in Chesapeake, Virginia and operates 15,000+ stores across the 48 contiguous states and five Canadian provinces.

To learn more, visit our website at https://craveyrealestate.com/.

Newmark Announces Sale of Lincoln Legacy Two, a 130,371-Square-Foot Office Asset in Plano’s Legacy Submarket

Dallas, TX (May 4, 2022) — Newmark announces the sale of Lincoln Legacy Two,

a recently renovated, 130,371-square-foot office property in Dallas/Fort Worth’s premier Legacy submarket. Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr and Director Chase Tagen represented the seller, a partnership including Dallas-based Pillar Commercial. Newmark Director Josh Francis facilitated the financing for the buyer, Larson Capital Management.

Located at the southeast corner of the Dallas North Tollway and Tennyson Parkway in Plano, Texas, Lincoln Legacy Two is adjacent to the vibrant Legacy Town Center and The Shops at Legacy. Built in 2014, Lincoln Legacy Two comprises a five-story office building with a sophisticated lobby and tenant lounge, fully equipped fitness center and four-level parking garage with a ratio of 4:1,000 square feet. Lincoln Legacy Two is 90 percent leased to a diverse base of tenants.

“Lincoln Legacy Two is one of the premier assets located in one of the nation’s fastest-growing submarkets,” said Hill. “This transaction reflects the incredible demand we are seeing for best-in-class assets in high-growth submarkets across the state of Texas.”

Lincoln Legacy Two’s highly amenitized location features walkable access to best-in-class dining, shopping, entertainment and residences at The Shops at Legacy and Legacy West Urban Village. With immediate access to the Dallas North and Sam Rayburn tollways, Lincoln Legacy Two is within 20 minutes of Dallas/Fort Worth International Airport and Dallas Love Field.