Category: News & Market Reports

Marcus & Millichap Arranges Sale of 59-Unit Apartment Building in Fort Worth

Posted on by Sarah

Marcus & Millichap announced the sale of Ridgemont, a 59-unit apartment property located in Fort Worth, Texas.

Associate Jonathan Ochstein, Vice President Investments Matt Aslan, Senior Managing Director Investments Nick Fluellen, Senior Managing Director Investments Bard Hoover and Senior Associate Wesley Racht at Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured by Mr. Ochstein, Mr. Aslan, Mr. Fluellen, Mr. Hoover and Mr. Racht.

“There was tremendous visibility on the marketing of Ridgemont with 14 tours, nearly 200 executed confidentiality agreements and over 10 offers,” said Ochstein. “We had the opportunity to close with the first buyer in escrow who was also a first time DFW multifamily buyer.”

Ridgemont is located at 2409 Ridgmar Plaza in Fort Worth, Texas.

Texas Build-for-Rent Community Receives Construction Loan via Walker & Dunlop

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BETHESDA, Md., March 11, 2022 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it structured financing for Amavi Celina, a build-for-rent (BFR) neighborhood to be developed in Celina, Texas. According to the Dallas Business Journal, Celina is the fastest growing submarket for new homes in the Dallas-Fort Worth MSA, based on the number of residential permits issued. With construction breaking ground in February 2022, the community will feature 271 homes in total, with 155 cottages, 94 townhomes, and 22 single-family detached homes.

Keaton Merrell and Shannon Hersker of Walker & Dunlop’s BFR & SFR Practice Group arranged the financing on behalf of their client, Mill Creek Residential. The team leveraged their broad range of capital sources to identify a lender and secure an interest-only, four-year construction loan with a competitive rate.

“Walker & Dunlop’s comprehensive set of financing capabilities and advisory services set them apart in the BFR space, and we were impressed by their vast knowledge and expertise,” said Callum Parrott, president of single-family rentals for Mill Creek Residential. “Amavi Celina will be an excellent addition to our portfolio of over 115 multifamily communities, and we’re on pace to deliver the neighborhood’s first homes in August 2023.” Click to read more at www.prnewswire.com.

Keyway Secures Funding to Buy Property from a Little Business Operator and Lease it Back to Them–TechCrunch

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Keyway, a startup that buys residence from small and medium-sized company homeowners and then leases it back again to them, has secured $70 million in financial debt funding on the heels of a $15 million fairness elevate.

Started in September 2020, the New York-based corporation – which was beforehand named Unlock – stated it employs details science to “determine, underwrite and shut transactions 10x more quickly than incumbents.” It describes itself as a “managed market.”

Keyway’s very first merchandise is a sale-leaseback giving for organization house owners. The corporation purchases an owner’s creating and then signs a long-term contract with him/her. CEO and co-founder Matias Recchia mentioned this lets the organization house owners to cost-free up capital to grow their business enterprise whilst remaining in the similar spot. Click to read more at www.technohoop.com.

New 300,000-Square-Foot Office Project Coming to Plano’s Legacy Business Park

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The City of Plano approved plans by real estate investment firm PRP Real Estate’s for 6301 Headquarters Drive. The build-to-suit is a 300,000-square-foot office project in the epicenter of Legacy Business Park. Conceptual designs have been completed by HKS, and construction will begin once permits are secured. CBRE’s Dennis Barnes will market the building.

“Companies have realized that the collaboration that happens when employees are in the office is unmatched, so they are prioritizing top-of-the-line office amenities that give them the opportunity to tailor the office space specifically to their corporate needs,” Barnes said. “PRP meticulously designed 6301 Headquarters Drive to be a first-class experience, and it will fill a tremendous need in our market for large-scale office users.”

Industrial

Duke Realty Corp. has inked 10 new lease agreements and renewals totaling 1.3 million square feet of industrial space. The activity includes an expansion with Genera Corp. for 260,819 square feet and a new lease with Dynamic Glass Products for 116,980 square feet. The deals take Duke Realty’s 17 million-square-foot Dallas portfolio to nearly 100 percent leased.

Recent transactions also include a lease with SWS for 43,650 square feet in Garland and a renewal with DAP for 130,900 square feet, also in Garland. Click to read more at www.dmagazine.com.

Class Action Embroils Wells Fargo Commercial Real Estate Underwriting Practices

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A judge is set to rule on the bank’s motion to dismiss the complaint, which names the company, ex-CEO Tim Sloan and former CFO John Shrewsberry among the defendants.

A federal judge is poised to rule on Wells Fargo’s motion to dismiss a suit that alleges the bank routinely made risky commercial real estate loans using improperly inflated underwriting metrics in the years leading up to and into the pandemic that left the company and its shareholders vulnerable to losses in 2020.

The suit spotlights the minefield that CFOs and financial executives have navigated as they grappled with soaring real estate losses early in the pandemic amid broader scrutiny of mortgage underwriting practices. It also comes as an unrelated civil investigation is proceeding into allegations that the Trump Organization inflated property values to secure favorable terms on loans it was applying for or trying to modify.

The pleading alleges Wells Fargo had loose underwriting practices that were part of a strategy designed to win borrowers and grow its commercial real estate business, according to an amended complaint filed Aug. 31. At the same time, the class action alleges the practices contradicted assurances from bank executives that it used conservative and disciplined underwriting standards. Click to read more at www.cfodive.com.

New 46-story Office Tower to be Built Next to Frost Bank Tower

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Cielo Property Group will break ground on a 750,000-square-foot office tower in downtown Austin this summer, according to an email press release from Compass Communications on behalf of the company.

Named Perennial, the 46-story building is the first of two planned high-rises and will house three floors of retail space. It will be located at 208 E. Fourth St., Austin, on the city block east of Frost Bank Tower.

The outdoor space will include a 28-foot waterfall that ends in a sunken garden and a 30,000-square-foot Sky Garden for residents, according to the email.

It is scheduled to be complete in 2025. Click to read more at www.communityimpact.com.