Houston—PM Realty Group and the INDURE Fund, a commingled fund managed by National Real Estate Advisors, has secured a construction-permanent loan for the development of 2929 Weslayan, a 254-unit high-rise located in Houston. Holliday Fenoglio Fowler arranged the financing, which was provided through Pacific Life.
“The property’s prime location, along with its unmatched level of finishes and amenities, is sure to raise the bar for Houston luxury apartment options,” says Rob Rizzi, managing director at HFF.
The asset, which is located on a 1.7-acre site on the northeast corner of Weslayan Street and West Alabama Street in Houston’s Highland Shopping Area, is due for completion in the first quarter of 2015. Amenities will include a fitness center, pool lounge and a club area, cabana, fire pit and room service from the on-site restaurant.
Cardinal Group Investments buys 290-unit asset in Portland
Portland, Ore.—Prudential Real Estate Investors has completed its sale of River Place Square to Colorado-headquartered Cardinal Group Investments. The 290-unit Class A asset is located in Portland, Ore. ARA represented Prudential in the transaction. The transaction represents Cardinal’s entry into the Portland market.
“We created a win-win for the investors of this property—the sellers and the buyers,” says Gail Neuburg of ARA’s Portland office. “Our office has excelled in attracting out-of-market institutional buyers to Portland by effectively telling the story of the city and the investment capital climate. Bringing new investment capital to a property, usually with a new strategic plan for a property, enhances the development of the city and the living experience for the residents.”
River Place Square was built in two phases in 1991 and 1995. This is the first time the mid-rise and townhome community has traded hands. The asset recently saw Lil Cooperstown Bar & Grill take up 7,030 square feet of the retail space.
NorthMarq arranges $13.9M Freddie Mac loan
Bellevue, Neb.–John Bendon, senior vice president and managing director, and Jason Kinnison, vice president, of NorthMarq’s Omaha Regional office, arranged first mortgage refinancing of $13.9 million for Summit Apartments, a 294-unit market-rate multifamily property located in Bellevue, Neb. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.