HARRAH, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has negotiated a $6.7 million loan for the refinancing of Prairie Breeze Townhomes, a 56-unit community in the eastern Oklahoma City suburb of Harrah. The loan carries 12 months of interest-only payments and a 30-year amortization schedule. The lender and borrower were not disclosed. Prairie Breeze Townhomes was built in 2013. The property consists entirely of three-bedroom apartments.
MELISSA, TEXAS — Greysteel has arranged construction financing for Wolf Creek Farms, a 32-acre build-to-rent development in Melissa, approximately 40 miles north of Dallas. Wolf Creek Farms will offer 343 units in one-, two- and three-bedroom layouts. Planned amenities include a pool, fitness center, dog park, courtyards and lounges. The developer, Dallas-based Welker Properties, will break ground on the project in the fall. Construction is slated to complete by the end of 2025. The total development cost is expected to be $95 million.
RICHMOND, TEXAS — Houston-based developer Meristem Communities has broken ground on the first building at Indigo, a 235-acre mixed-use project in Richmond, approximately 35 miles southwest of Houston. Upon completion, Indigo will include 800 residences, 42 acres devoted to agriculture and a 12-acre mixed-use town center called Indigo Commons. The first of the residences are set to deliver next month. Meristem Communities is also currently selling vacant retail pads and offering build-to-suit opportunities for retailers within Indigo Commons. The first building, called The Filling Station, will be situated in Indigo …
ARLINGTON, TEXAS — Marcus & Millichap has negotiated the sale and financing of Fielder’s Glen, a 220-unit asset in Arlington. Rise48 Equity purchased the asset from Western Wealth Capital for an undisclosed price. Fielder’s Glen offers studio, one- and two-bedroom units. Amenities include a pool, barbeque and picnic area, laundry facilities and a fitness center. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller and procured the buyer. Brandon Brown with Marcus & Millichap Capital Corp. arranged acquisition financing.
DECATUR, TEXAS — Colliers Mortgage has closed a $32.9 million HUD loan to facilitate the construction of Deer Park Apartments in Decatur, about 40 miles north of Fort Worth. Fritz Waldvogel arranged the financing through a partnership with Old Capital Lending. The loan carries a 40-year term and amortization. The borrower was Deer Park Apts QOZB LLC. Deer Park Apartments features 204 apartments in one-, two- and three-bedroom floor plans. Amenities include a fitness center, business center, community room, pool, mail center, billiards room, outdoor lounge area, outdoor grills and …
SAN ANTONIO — JLL Capital Markets has arranged the sale of Jones & Rio, a 191-unit asset located in River North mixed-use district in San Antonio. Robert Arzola, Ryan McBride and Robert Wooten led the Investment Sales and Advisory team representing the seller, Benefit Street Partners. Jones & Rio was built in 2017. According to the property website, amenities include a pool, lounge, fitness center, coffee bar and package system.
AUSTIN, TEXAS — JLL Capital Markets has brokered the sale of 3Waller, a 259-unit property in downtown Austin. Placemakr purchased the asset from Transwestern for an undisclosed price. Ryan McBride, Robert Arzola, Robert Wooten, Alex Fernandes and Nick Beardslee of JLL represented the seller in the deal. 3Waller was built in 2022. The complex offers studio, one- and two-bedroom micro-units that have an average size of 467 square feet.
BOERNE, TEXAS — David B. Norton Inc. has negotiated $18.7 million in construction and equity financing for a 125-unit development in the northwest San Antonio suburb of Boerne. The borrower and direct lender were not disclosed. The project will comprise 98,000 square feet of rentable space across five stories. Units will come in studio, one- and two-bedroom floor plans with an average size of 782 square feet. Construction will begin immediately and is slated to complete in about 18 months.
AUSTIN, TEXAS — Northmarq has negotiated $23.6 million in acquisition financing for The District at SoCo, a 215-unit property located near Austin’s downtown area. Located at 501 E. Oltorf Street, The District at SoCo offers amenities such as a pool, fitness center, dog park, outdoor kitchen and Amazon package lockers. Jesse Lemos of Northmarq’s Nashville Debt and Equity team brokered the loan through the company’s in-house Fannie Mae team. The loan was structured on a 5-year term. The borrower was not disclosed.
— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …