AUSTIN, TX—Oak Creek Village, an affordable multifamily development under development at 2324 Wilson St. here, has landed a financing package via PNC Bank. The package for developer 2013 Travis Oak Creek L.P. includes a $27.3-million unfunded forward commitment through Fannie Mae‘s 9% Low Income Housing Tax Credit program with a mortgage-backed securities execution.
PNC is the tax credit investor with a direct investment of $18.7 million, while PNC Capital Markets LLC is the private investor in the Fannie Mae mortgage-backed security. “This is an exciting milestone in securing Fannie Mae 9% LIHTC loan, and creating a market which would allow for a MBS forward purchase for several years out,” says Mark Ragsdale, SVP of agency finance at PNC Real Estate. PNC’s structured products trading desk understood the complexities and the opportunity, and designed a viable, affordable housing financing with competitive proceeds and a long term permanent interest rate.”
Oak Creek Village will be a new, 173-unit mixed LIHTC-rate apartment complex that offers one-, two-, three- and four-bedroom units. The current 173-unit property will be demolished in two phases, and replaced with new construction.
Also in Austin, StreetLights Residential has topped out its first luxury high-rise apartment building in the Texas state capital. Known as the Catherine, it includes 300 rentals with a mixture of flats and penthouse living options. “It’s exciting to see our vision grow from the ground to 19 stories in a relatively short amount of time,” says SLR CEO Doug Chesnut. “We are eager to see The Catherine take shape and become part of the Austin community.” The company is also developing another Austin multifamily property, the Kenzie at the Domain.
At the Dobie Center, the University of Texas’ largest and most popular student housing property, there’s a newly created 15,000-square-foot retail space on the market for immediate lease at the Shops at Dobie Center. It’s located adjacent to the former Dobie Theatre, which recently announced a major new lease with the world’s largest business suite provider. PJ Kaminer of the Retail Connection is the mall’s leasing agent.
Effective this coming January will be two changes in the leadership of JLL‘s Central Texas operations, spanning Austin and San Antonio. Todd Wallace, who has led the firm’s retail brokerage practice since joining JLL, has been named market leader in the Austin and San Antonio markets. SVP John Childers has been promoted to lead the office tenant representation group in these markets. Elysia Ragusa will continue to lead the market through 2014; the 25-year veteran of the Staubach Co. and JLL will transition her market leadership responsibilities, while remaining active as a senior broker.
Stratford Land, Legacy Capital and the Walton Group of Cos. have struck a deal on the 268-acre single-family portions of the Chisholm Trail Ranch Master Plan in Fort Worth. The development is bisected by the recently opened Chisholm Trail Parkway, and will include approximately 1,100 single-family residential homes, as well as multifamily and commercial uses. It will mark Scottsdale, AZ-based Walton’s first development in Texas, although the family-owned company in June bought 1,755 acres of land from the Texas General Land Office. That property is directly adjacent to Chisholm Trail Ranch and could allow for shared resources between the two projects.
Casual Living Patio & Fireplace has acquired the 12,135-square-foot Cornerstone Plaza in Southlake in an off-market transaction; the purchase price was not disclosed. Casual Living plans to occupy 8,000 square feet there and lease the balance. Dallas-based Bradford Commercial Real Estate Services brokered the sale.
CBRE has arranged $23.2 million in refinancing for Arbor Place Apartments, a 328-unit class A multifamily community in Biloxi, MS. Glenn Housman, SVP with CBRE Capital Markets Group, arranged permanent financing on behalf of Arbor Properties Inc. through Fannie Mae’s Structured Adjustable Rate Mortgage program. The 10-year loan will provide an initial pay rate of 2.34%, and a DSCR of 1.25x representing a 72% loan-to-value ratio. Proceeds were used to refinance the property.