AUSTIN – CBRE Debt & Equity Finance team in Houston arranged $83.5 million in construction financing on behalf Seaholm Power, LLC for the redevelopment of the Seaholm Power Plant, an historic, art deco facility located in the southwestern portion of the Austin Central Business District. The borrower, Seaholm Power, LLC, a joint venture between Austin-based Southwest Strategies, Los Angeles-based CIM Group and the City of Austin, plans to transform the 117,000-sf power plant into institutional-grade office space while constructing 60,000 sf of new office and retail development anchored by a Trader Joe’s. The new development will also include a 30-story, 309-unit apartment tower. Bank of the Ozarks and IBC Banks were the two lenders on the open-ended construction loans. Executive Vice President Jim Richards and Senior Vice President Jim Kirkpatrick of CBRE led the team.
HOUSTON – RLJ Lodging Trust acquired the historic Humble Oil Building complex in downtown Houston for $79.5 million or $151,000 per room for what will become three Marriott related hotels.
The Humble Oil Building is a three-tower complex that occupies an entire city block at 1212 Main Street. The complex consists of an 82-unit apartment tower that will be converted to a 166-room SpringHill Suites and two existing hotels, a 191-room Courtyard and a 171-room Residence Inn.
“Our ability to execute this off-market transaction required the expertise, experience, and relationships that are unique to RLJ,” commented Thomas Baltimore, Jr., President and CEO of the Bethesda, Md.-based firm. “Acquiring the Humble Oil Building complex represents a value-add opportunity.”
The building was constructed in the 1920s. It’s only a few blocks from the 45-story Exxon Mobil building which was purchased a few months ago by Shorenstein Properties.
ATLANTA – Hines has begun construction is on @1377, a 215-unit luxury multifamily complex in Atlanta. The development represents Hines’ first for-rent residential project in the city and one of several under development in the Southeast region. @1377 is located in the Brookhaven neighborhood on Dresden Drive. The four-story building will have an attached multi-level parking garage.
Designed by The Preston Partnership of Atlanta, @1377’s architecture evokes a transitional style with buildings clad in brick, with stucco accents, large windows, wrap-around corner balconies and ground-level unit entry stoops at the sidewalk. The project will offer studios, and one- and two-bedroom units ranging in size from 468 to 1,537 square feet. General Contractor Urban Oaks Builders expects occupancy of the first units in October 2013, with final completion in December 2013.
Alan Patton, senior managing director in charge of the firm’s Multifamily Division, said, “Hines’ multifamily platform is focused on delivering high-quality for-rent residential projects in all of our domestic markets. We are committed to delivering a superior product with our @1377 project and are excited about its one-of-a-kind location within Atlanta’s well-known Brookhaven submarket.”
In January 2011, Hines formed its Multifamily Division, with a focus to expand the firm’s multifamily development activity throughout the U.S. by working with Hines’ domestic regions on for-rent residential programs. Currently, the Multifamily Division has more than 5,000 units in projects in various stages of development. In addition to Atlanta, the company has other multifamily projects that are located in several U.S. cities including: Cambridge, MA; Chicago; Denver; Houston; Miami; Minneapolis; Pasadena, CA; Phoenix; Rockville, MD; and St. Petersburg, FL.
HOUSTON – Fairfield Woodway Square, LLC purchased Woodway Square, a 595-unit, Class A, garden-style multi-housing community in Houston. HFF marketed the property on behalf of the seller, Alecta Houston, LLC. In addition, HFF assisted in securing a 10-year floating-rate loan on behalf of the buyer through M&T Realty Capital Corporation (FNMA).
Woodway Square is located at 1200 Winrock Boulevard near the intersection of Woodway Drive and South Voss Road in Houston’s Galleria area. Situated on 20.65 acres, the property is 93.6 percent leased and consists of one- and two-bedroom units averaging 1,002 square feet each. The HFF investment sales team representing Alecta Houston, LLC was led by senior managing directors Craig LaFollette, Todd Marix and Todd Stewart along with directors Tre Banks and Chris Curry. HFF’s debt placement team representing the buyer was led by managing director Andy Scott.