Texas Real Estate Business

FEB 2018

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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12 • February 2018 • Texas Real Estate Business www.REBusinessOnline.com A U S T I N & C E N T R A L T E X A S COUSINS, PARTNERS TO DEVELOP $175 MILLION, 309,000 SF OFFICE TOWER AUSTIN, TEXAS — A partnership between Atlanta-based Cousins Properties (NYSE: CUZ), River- side Resources and Ironwood Real Estate will develop 300 Colorado, a 309,000-square-foot office tower that will be located in downtown Austin. Total development costs of the project are anticipated to be ap- proximately $175 million. The lo- cation of 300 Colorado has it situ- ated across the street from Colorado Tower, a 353,334-square-foot office tower, which is also owned by Cous- ins Properties. The new building is 100 percent preleased to indepen- dent oil and gas firm Parsley Ener- gy Inc., which has signed a 12-year, 302,000-square-foot lease; and Amer- ican restaurant Del Frisco's, which has signed a 10-year, 7,000-square- foot lease. The partnership expects to begin construction of 300 Colorado during December and deliver the building in December 2020. ODEN HUGHES BREAKS GROUND ON 350-UNIT APARTMENT COMMUNITY AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox Ridge, a 350-unit multifamily com- munity that will be located in north Austin. The property will feature a 1,600-square-foot community work studio on the second floor, which will offer private and community offices, meeting rooms, an open-floor lounge and a hospitality bar. The community is scheduled to open in early 2019. HFF NEGOTIATES SALE OF 40,798 SF OFFICE BUILDING AUSTIN, TEXAS — HFF has nego- tiated the sale of 5508 Parkcrest, a 40,798-square-foot office building lo- cated in northwest Austin. The Class B property was 92 percent occupied at the time of sale. HFF represented the seller, a family trust, in the transaction. An affiliate of Austin-based F&B Capi- tal purchased the asset. KEYBANK CLOSES $32.3 MILLION CONSTRUCTION LOAN FOR 324-UNIT APARTMENT COMPLEX AUSTIN, TEXAS — KeyBank Real Estate Capital's community develop- ment lending and investment group has secured $32.3 million in financing for the construction of Harris Ridge Apartments, a 324-unit multifamily complex that will be located in Austin. All units will be rented to residents earning at or below 60 percent of the area median income (AMI). Kyle Kole- sar and Jeff Rodman of KeyBank ar- ranged the financing through Freddie Mac's Tax Exempt Loan program on behalf of NRP Group and the Hous- ing Authority of the City of Austin. The loan, which includes 4 percent low income housing tax credits (LI- HTC), features a 15-year term, 35-year amortization schedule and a 24-month interest-only period. Completion is slated for 2019. WOODMONT ARRANGES 105,851 SF IN LEASES AT SHOPPING CENTER IN KILLEEN KILLEEN, TEXAS — The Woodmont Co. has arranged four leases totaling 105,851 square feet at Wendland Plaza, a 205,224-square-foot shopping cen- ter located at 901 S. Fort Hood St. in Killeen. The four transactions bring the center to 85 percent occupancy. Conn's Home Plus will lease 45,000 square feet; Altitude Trampoline Park will lease 44,580 square feet; Dollar Tree will lease 10,500 square feet; and Lumber Liquidators will lease 5,771 square feet. Grant Gary and Dan Re- bensdorf of The Woodmont Co. repre- sented the landlord, Killeen ATM LLC. IPA BROKERS SALE OF NEWLY BUILT APARTMENT COMMUNITY AUSTIN, TEXAS — Institutional Prop- erty Advisors (IPA), a division of Mar- cus & Millichap, has brokered the sale of Southpark Crossing, a 308-unit mul- tifamily community in Austin. Built in 2017, the property is located near the Southpark Meadows shopping and entertainment center and offers ame- nities such as a 24-hour fitness center, movie theater and a resort-style pool. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer in the transaction. You will work with our most experienced financing experts in Texas. Hunt Mortgage Group finances all types of multifamily rental housing including: small balance, market rate, workforce housing and affordable communities. With a 45-year proven track record, and as one of the industry's most respected commercial lenders, Hunt Mortgage Group clients benefit from our dedicated expertise in financing and underwriting commercial real estate. Experience the Hunt difference. HunT AdvAnTAge: The power of Hunt's people: Experience. Service. Expertise. CERTAINTY OF EXECUTION. CLARITY OF THOUGHT. TM Colin Cross Director (972) 868-5749 Vic Clark Senior Managing Director 972-868-5757 John Sloot Vice President 972-868-5755 Privately Owned with Fast and Flexible Decision Making Capabilities Direct Lender – Credit and Pricing Completed in House Structured more than $21 Billion of Loans $13.4 Billion Servicing Portfolio Agency, FHA and Proprietary Financing Programs Unmatched Local Market Expertise Highest Client Satisfaction Ratings

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