Late last week, Governor Greg Abbott announced that Texas is now included as part of the U.S. Small Business Administration’s Economic Injury Disaster declaration, allowing qualifying businesses in the state access to the loan program. SBA Public Information Officer for the Office of Disaster Assistance Susheel Kumar, whose district includes Texas, explained in an interview that the program allows for loans up to $2 million with interest rates for small businesses at 3.75 percent, while nonprofits are at 2.75 percent. Repayment plans can be up to 30 years, but the exact terms are decided case-by-case. The first payment for the loan doesn’t start until 12 months have elapsed, Kumar said. “The economic disruption has caused a strain on supply chains nationwide,” Kumar said. Kumar said that the SBA has received “significant volumes” of applications, but did not venture to estimate how many since he does not have the numbers yet. He also said there have been a number of loan approvals, as well. The term “small business” can mean a variety of things. Kumar said that often how the SBA determines which businesses are deemed “small” depends on a variety of factors, including the industry, amount of average annual receipts and number of employees, among other factors. The SBA’s definition for various industries can be found here. Click to read more at www.wfaa.com.
Even when business stops, the rent goes on. But with the unprecedented restrictions caused by the coronavirus, building tenants and their landlords are scrambling to deal with the new reality. Retail and commercial building tenants who have been forced to shut down are seeking relief from rent payments that still come due even when their doors are shut. “It’s not just restaurants — there are a lot of businesses that aren’t prepared to go two months without income,” said Tom Lynn, chairman of Dallas commercial property firm NAI Robert Lynn Co. “The companies that haven’t been able to access their properties and run their businesses are calling us to see if they can get some relief.” Even a landlord willing to cut his tenants some slack faces obstacles, Lynn said. His loan agreements may preclude free rent. Plus, some leases in retail buildings can be voided if a large percentage of the tenants in the project close down or pull out. Click to read more at www.dallasnews.com.
PrattCo Creekway Industrial purchased a 42,420-square-foot industrial warehouse located at 8400 Ambassador Row in Dallas, Texas. The property was 100% occupied to two tenants at the time of sale. Stream Realty Partners’ Jamie Jennings, Jason Moser, and Andrew Rabinovich represented the seller, a Dallas based private partnership in the transaction.
FOR IMMEDIATE RELEASE
Gina Relva, Public Relations Director
FORT WORTH, Texas, Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Copper Creek, a 274-unit apartment complex in Fort Worth, Texas. The property attracted seven offers during a four-week marketing period and the sale closed just 60 days after an agreement was reached between buyer and seller.
“Fort Worth continues to be one of the nation’s fastest-growing rental markets,” said Al Silva, senior managing director investments. “The city’s large and well-diversified employment base, strong population growth and a limited stock of workforce housing available for rent should keep apartment market fundamentals strong for years to come.” Silva represented the seller, Florida-based DIJ Properties and procured the buyer, a Texas-based private investment company. “The new owners plan to make improvements to both property management and to the unit interior finish out, which will make Copper Creek more attractive to area renters as a safe and comfortable place to live,” Silva added.
The property is situated at the intersection of Interstate 30 and Loop 820, 10 minutes from downtown Fort Worth and Arlington. Interstate 30 provides residents with easy commutes to virtually anywhere in the Metroplex. The North East Mall, Dallas/Fort Worth International Airport, AT&T Stadium and many other area attractions and employers are within minutes. Constructed in 1986 on 12.4 acres, Copper Creek underwent significant renovations in 2013 and 2017. The 17-building complex has a large, resort-style swimming pool, a stadium-inspired soccer field, and a playground, among many other amenities.
06 Mar 2020
Matthews™ Senior Associate Danny McQuaid Brokers the Sale of Beacon Hill Apartments
Dallas, TX – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, recently arranged the sale of Beacon Hill Apartments now known as The Edison. The multifamily asset is located at 9959 Adleta Blvd, Dallas, TX. Matthews™ Senior Associate, Dan McQuaid, was the lead agent in the transaction.
The Edison, formerly known as the Beacon Hill Apartments, is situated in a quiet neighborhood with easy access to I-635 and the Central Expressway. The location offers convenience with churches, parks, shopping, and schools within walking distance. The three-story multifamily building consists of one to two-bedroom apartments. Built in 1984 and remodeled in 2003, the property boasts 396 units. The residents of The Edison enjoy amenities such as three pools, a racquetball court, a club room, two laundry rooms, as well as secured access gates.
The seller, Pacific Team Management, was motivated by the price, which was achieved because of the potential upside of the asset. Dan McQuaid sourced the buyer, WindMass Capital, who wished to add to their existing Dallas-Fort-Worth portfolio. The buyer plans to implement a value-add program to improve rents as well as the surrounding area. This is the largest multifamily deal that WindMass Capital has acquired to date. The buyer is also purchasing 1,260 units directly across the street and has plans to operate the two properties as one collective community, similar to The Village in Dallas.
“I was able to navigate through several complexities in the deal to ensure we made it to the finish line,” said Dan McQuaid. “Ultimately, this was a win-win situation for the buyer and seller. The seller achieved a great result and can now reposition their capital. The buyer acquired an excellent investment opportunity in which they will be able to increase the value of the multifamily asset through upgrades.” WindMass Capital has already begun working on interior upgrades to the units. The property was roughly 80% occupied at the time of sale.
Senior Associate, Dan McQuaid, takes pride in his commitment to serving his client’s best interests. For more information regarding the sale of Beacon Hill Apartments, now renamed The Edison, or if you have any other questions relating to multifamily investments in the Dallas, TX area, please do not hesitate to contact Dan McQuaid. To view all current listings, visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com
FOR IMMEDIATE RELEASE
Contact: Michele White
Phone: (612) 376-4000
MINNEAPOLIS, Minn. – March 6, 2020 – Dougherty Mortgage recently closed a Fannie Mae loan for the refinancing of Amber Vista Apartment Homes, an 88-unit market-rate multifamily apartment property located in Plano, Texas. Amenities at the newly renovated, pet-friendly property include a barbecue and picnic area, playground and on-site laundry facility. The 12-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for borrower DCP 1901 East 15th Street, LLC.
About Dougherty Mortgage
Dougherty Mortgage LLC is a full-service, nationwide mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types. In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $7.1 billion of loans. Dougherty Mortgage LLC has also been awarded designation as a lender/partner with USDA under the Community Facilities Guaranteed Loan Program. Based in Minneapolis, Dougherty Mortgage also has offices in Colorado, Georgia, Illinois, Mississippi, Tennessee, and Texas. For more information, please visit www.doughertymortgage.com.