FORT WORTH—A couple of transactions have hit the books recently as other parts of the state are making bigger headlines. One is a multifamily acquisition loan and the other is an office lease.
Acquisition financing was secured for the Valencia Apartment Homes, a 263-unit multifamily property located at 7301 Ederville Rd. The property offers affordable rents and low utility rates for the workforce in and around Fort Worth.
The $13.47 million transaction was structured with a 12-year term with four years of interest only followed by a 30-year amortization schedule. Suzanne Jones, senior vice president/senior director of NorthMarq Capital's Dallas regional office, arranged financing for the borrower, Nicholas Residential.
“The borrower plans to continue the community's unit enhancement program for their latest value-add acquisition while reducing utility cost for their tenants,” said Jones.
The 4.24% interest rate loan was secured through Fannie Mae's green rewards program.
“With the change in the economy, demographics and lifestyle preferences, it is necessary to provide affordable and safe housing for people,” Jones tells GlobeSt.com. “Multifamily housing is essential for each community so that people have options to live near their workplace at an affordable price.”
Regarding workplace space, UMB Bank signed a new lease at the renowned 777 Main St. UMB secured a 10-year deal for 12,000 square feet on the fifth floor and will be moving into an additional 7,000 square feet on the first floor once Frost Bank moves out and remodeling work is complete. UMB anticipates this move will take place in 2018 pending regulatory approval. Part of the remodeling includes a 7,000-square-foot lobby and exterior signage on the building.
“Since entering the Texas market four years ago and with our recent acquisition of Meridian Bank, UMB Bank's growth in this region has been off the charts,” said Cliff Keiser, president of UMB Bank's Fort Worth operations and commercial banking team. “As we continue to build relationships in the corporate sector and expand our services, it seems only fitting that we showcase our commitment to Fort Worth with a long-term lease at one of the city's most iconic buildings.”
UMB Bank's new location will include services such as commercial banking, private banking, investment and wealth management, as well as consumer banking services.
“We are thrilled that UMB Bank has chosen 777 Main as their flagship location in Fort Worth,” said Robert Turner, executive vice president of The Brookdale Group, which acquired 777 Main in December of 2014. “Downtown Fort Worth is one of the most dynamic environments in north Texas and we are excited to have a fast-growing financial institution as part of this special place.”
The leasing agents for UMB Bank are Mike Gosslee and Jay Holland with Cushman & Wakefield.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
