Category: Central/South Texas News DO NOT USE

RESOLUT RE Closes Eight Deals Around Texas

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RESOLUT RE recently completed 10 retail leases in Texas. The deals included transactions in the Austin, Dallas, Houston and San Antonio markets. Clinica Hispana Nazaret has leased 1,201 square feet at The Shops on Howard (1200 W. Howard Lane, Austin). Michael Noteboom and Joey Mendez of RESOLUT RE represented the landlord. Gabriela Saravia of Sperry Commercial represented the tenant. Hay Elotes has renewed at The Shops on Howard. Michael Noteboom and Joey Mendez of RESOLUT RE represented the landlord. An undisclosed buyer has purchased 1.04 acres at 211 Hasler Boulevard in Bastrop, Texas. Jerel Choate of RESOLUT RE represented the seller. Feng “Leo” Lin of Austin 101 Real Estate represented the buyer. DS Pharmacy has leased 1,000 square feet at Westwood Village Center (215 Sunset Boulevard, Sherman, Texas). Mai Nguyen and Colin Cannon of RESOLUT RE represented the landlord. Patrick Jones Gallery has leased 2,228 square feet at AMLI Design District (1400 Hi Line Drive, Dallas). Chris Flesner and Brian Sladek of RESOLUT RE represented the landlord. Disciples Christian Fellowship has renewed at Plaza at Highway 6 (15040 Hwy 6, Rosharon, Texas). Benny Nguyen and Eric Broussard of RESOLUT RE represented the landlord. Mangum Insurance has leased 1,500 square feet at Plaza at Highway 6 (15040 Hwy 6, Rosharon). Benny Nguyen and Eric Broussard of RESOLUT RE represented the landlord. All Appliance Parts has leased 600 square feet at Pecan Valley Center (6214 Pecan Valley Drive, San Antonio). Aisha Chapa of RESOLUT RE represented the landlord.

Lument Provides $21.5M in Freddie Mac Financing for Affordable Housing in El Paso

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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.

NorthMarq Finalizes $8 Million Refinance of Crownridge Centre in San Antonio

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Bryan Leonard, senior vice president/managing director of NorthMarq’s San Antonio office arranged the $8 million refinance of Crownridge Centre. The 41,590-square-foot office property, located at the intersection of IH-10 and Camp Bulls in San Antonio, is leased to a diverse tenant base including financial, medical and oil/gas tenants. The transaction was structured with a fully amortizing, 20-year term. NorthMarq arranged the permanent-fixed loan for the borrower, a long-time San Antonio sponsor, through its correspondent relationship with a life insurance company. The transaction was a refinancing of the existing construction debt. “The property is extremely well located and was developed by an experienced longtime local sponsor. Interstate 10 construction in front of the project has concluded and there are excellent neighborhood amenities at the nearby RIM and LaCantera developments to support office development,” said Leonard. “We were able to secure competitive long-term permanent in a difficult pandemic environment to support ownership’s business plan for the asset. NorthMarq was able to capitalize on the value created in this asset by the borrower to attract competitive capital and the lender achieved a solid investment.”

$1 Billion Domain-style Development to Reshape South Austin Shopping Center

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South Austin is poised to get a Domain-like, mixed-use development with as much as 3 million square feet of office, residential, and retail space. Commercial real estate developer and manager Barshop & Oles Co. unveiled a proposed redevelopment on December 3 of its Brodie Oaks Shopping Center, located at South Capital of Texas Highway and South Lamar Boulevard. The estimated $1 billion project eventually could feature 1,600 apartments and condos, 1.1 million square feet of offices, 450 hotel rooms, and 140,000 square feet of retail and restaurant space. Currently, Brodie Oaks, at 4021 S. Capital of Texas Hwy., comprises 365,000 square feet of retail and office space on a 38-acre site. The new project’s 3 million square feet would represent almost 10 times more space than the current square footage. By comparison, the adjoining Domain and Domain Northside mixed-use developments in North Austin are about 1.8 million square feet. As part of the redo of the Brodie Oaks site, Barshop & Oles envisions transforming 13.7 acres of parking lots and building areas into green space. A new trailhead and public access area would connect the site to the neighboring Barton Springs Greenbelt, and the revamped site itself would provide almost one mile of trails and nearly 1.9 miles of pedestrian walkways and bike paths. Click to read more at www.austin.culturemap.com.

Rastegar Acquires Office in Affluent West Lake Hills to be the Company’s Global Headquarters

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Espirit Office Building to Feature Design Elements Addressing Health and Wellness

Austin, TX – December 2, 2020 – Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, announced today the acquisition of the Espirit office building, located at 515 S. Capital of Texas Hwy in West Lake Hills, one of the wealthiest zip codes in all of Austin. The two-story, 29,685 square foot office building that features single level subgrade parking will be the global headquarters for Rastegar Property Company as well as other businesses looking to take advantage of the prestigious location that is just under seven miles from downtown Austin and 14 miles from the Austin-Bergstrom International Airport. Located in the heart of West Lake at the intersection of Bee Caves and Highway 360, Rastegar and the businesses that will lease space in the building will benefit from being able to offer convenient employment opportunities to the neighborhood’s affluent residents while taking full advantage of the various restaurants, shopping and other amenities in the area. “While many have cooled on office real estate, we believe the Espirit building provides Rastegar Property Company with an innovative opportunity to get our hands on a property located in one of Austin’s premier neighborhoods,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “As human beings, we’re communal by nature and need human interaction to be our most productive, which is why we are confident that there will be a welcomed return to the office post pandemic, with added health and wellness elements that address the concerns brought on by COVID-19.” The health and wellness of both employees and tenants is a core value of Rastegar Property Company, and the Espirit office building will be designed and maximized for the post-COVID world. Sitting on 2.39 acres will allow Rastegar to build outdoor workstations that take advantage of Austin’s favorable climate while the latest technology and materials will be used throughout the building to keep employees and other tenants safe and healthy. “The building has great bones in a terrific, easily accessible location. This will enable us to transform the space into one of the most sought-after boutique offices in West Lake,” said Hunter Floyd, Director of Design and Development at Rastegar Property Company. “Design will also focus on the post COVID environment by adding outdoor amenities, enhanced air filtration systems, touchless entries and exits, and common touchpoints, like railings and elevator buttons, could feature antimicrobial materials like copper.” About Rastegar Property Company Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 38 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.

HOM Condominiums Completes Construction & 40% Sold Out

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With Construction Complete, Prospect Real Estate Says Remaining HŌM Condos Will Sell Quickly Prospect Real Estate Now Conducting Walkthroughs and Closings for HŌM Condominiums in Prime East Austin

Locale AUSTIN, TEXAS—December 1, 2020. Austin-based Prospect Real Estate—a full-service, family-owned and operated boutique residential real estate firm focusing on Austin’s evolving urban core—today said with construction of the highly anticipated HŌM Condominiums complete, interested parties should move quickly to secure one of the remaining residences. “HŌM is currently 40% sold out, and the residences will be move-in ready in this month,” said Emily Lee, founder, principal and broker of Prospect Real Estate, which has the exclusive sales listing for HŌM. “We are conducting walkthroughs and scheduling closings for the sold units now, and we anticipate the remaining 35 available units will sell quickly.” Located at 3101 Govalle Avenue in a quiet, residential area of East Austin, HŌM will offer the perfect blend of peaceful residential living and luxury amenities. Its target audience is predominantly local residents who want a more urban lifestyle. HŌM Condominiums feature the atmosphere of a single-family home in a park-like setting that is walkable and dog-friendly, combined with the benefits of community luxuries and low-maintenance upkeep in a prime location. The property is situated just around the corner from the eclectic bars, shops, cultural centers and restaurants of East 7th Street, and moments away from downtown’s vibrant culture and nightlife. Lee projects HŌM will be completely sold out by the end of the year. Seven of the original fourteen floorplans are still available, ranging from $339,000 to $509,000. HŌM residences feature quartz countertops; stainless steel appliances; wood-style flooring; designer tile in kitchens and baths; designer cabinetry; media walls in living rooms; and kitchen islands, full pantries, walk-in showers, large balconies and private yards (in select units). All residents will enjoy reserved, gated-access parking; a community courtyard that is perfect for gatherings of families or friends; a community pool with conversation cove and tanning ledge; and eco-friendly landscaping that controls rain overflows. The architect for HŌM is Mark Hart Architecture, the general contractor is Bartlett Cocke, and the civil engineer is the Wuest Group, all of the Austin area.