Dallas capital finances new apartments in west Oklahoma City – Oklahoman. com
Gardner Tanenbaum plans to add a 444-unit apartment complex at its Westgate Park mixed-use development after securing $61 million in construction financing through Dallas-based IPA Capital Markets, a division of Marcus & Millichap commercial real estate services.
Westgate Park Residential will be on the campus on the northeast corner of Sara Road and W Reno Avenue. Developer Richard Tanenbaum opened Westgate Park with a 200, 000-square-foot, Class A office building in 2016. It now also has 21, 000 square feet of retail and service space.
IPA Capital Markets senior managing directors Todd McNeill plus Sunny Sajnani secured a three-year 80% loan-to-cost bank loan at a secured overnight financing rate plus 2%.
Gardner Tanenbaum plans further development at the site, including additional office, retail, restaurant and industrial space. McNeill called it “another trophy project” for the developer.
“Our partnership with the IPA finance team continues to deliver truly exceptional financing despite the instability in the current debt climate, ” Tanenbaum said. “Gardner Tanenbaum is excited to realize our vision for this transformative project in an explosive OKC market. ”
NAI Sullivan Group reports these commercial real estate transactions
- AEX Corp., as Qualified Intermediary for Desmalchi LLC, paid $789, 000 to Coldren Properties LLC for a 9, 800-square-foot industrial building at 1821 NW 6 as an investment purchase. Amir Shams and Zac McQueen with NAI Sullivan Group provided brokerage services to the buyer.
- Gregorio A. Gamez and Yeraldine Perez Saiz paid $550, 000 to Ledbetter Family Trust for a 8, 520-square-foot retail building at 5232-5240 S Pennsylvania Ave. to open Los Arados Restaurant. Amanda Sullivan and Bobby Sanford with NAI Sullivan Group provided brokerage solutions to the seller. Closing was held at The Oklahoma City Abstract plus Title Co. by Christina Parsons.
- Urban Custom Properties Corp. compensated $400, 000 to Store Master Funding III LLC for a 2, 736-square-foot store property at 3938 W Reno Ave., to open an Indian restaurant. David Hartnack, Sam Swanson and Nathan Wilson with NAI Sullivan Group provided brokerage providers to both the buyer and seller.
- Mobile Management Inc. leased 1, 000 square feet of retail space at 5730 NW 39, Suite B, from Aria Properties LLC. Shams provided brokerage services to both the landlord and the tenant.
- The Spero Project Inc. leased 3, 566 square ft of office space from Lakepointe West LLC at Lakepointe West, 4045 NW 64, Suite 500. Sullivan provided brokerage services to the landlord.
- Bang Bui leased 1, 500 square feet of retail space at 5501 Main Street, Suite 104, in Del City from Mitchell Investments LLC, to open a barbecue restaurant. Hartnack, Swanson plus Wilson provided brokerage solutions to both the landlord as well as the tenant.
- Billy Pham leased 3, 714 square feet of retail space at 790 SW 19 in Moore from Agree Limited Partnership, to open a nail salon. Hartnack, Swanson and Wilson offered brokerage services to both the landlord and the tenant.
Baker First Commercial Real Estate Services reports these transactions
- Asset Exchange associated with Oklahoma LLC, as Qualified Intermediary for John McHughes, paid $1, 465, 500 to Baker Investment Group LLC for two industrial buildings totaling 18, 000 sq . feet at 4401-4415 SW 3. The sale was negotiated by Rod Baker and Jay Baker, of Baker First Commercial Real Estate Services, and Jason Nedrow, of RJ Real Estate LLC. Closing was by Becki Nail, of First American Title Insurance Co.
- AMS Health Sciences LLC paid $530, 000 to OKC Villages LLC for a 6, 000-square-foot office-showroom building in 8200 Glade Ave. The particular transaction was negotiated simply by Bill Reid, of Baker First Commercial Real Estate Services, and Caleb Cox, associated with Cushman & Wakefield Commercial Oklahoma. Closing was by Dawn Brooks, of Chicago Title Oklahoma Co.
- Redbird Development LLC, doing business as HireQuest Direct, leased 1, 200 square feet of retail area at 432 SW 59 for a temporary labor employment service. Rod Baker handled the lease.
- Terry’s American Acquisition Company. LLC leased a 23, 700-square-foot building located from 711 NE 39 for an electrical, plumbing and HVAC business. The lease has been negotiated by Reid, of Baker First Commercial, and Allan Meadors, of Commercial Oklahoma Inc.
- Supreme Dent Repair rented 3, 000 square foot of office-warehouse space with 4201 N Walnut Ave. for a dent repair business. Jay Baker handled the lease.
- Furry Land-Oklahoma City leased 3, 140 square feet associated with office-warehouse space at 4201 N Walnut Ave. for a mobile pet grooming company. The lease was negotiated by Jay Baker, of Baker First Commercial Real-estate, and Christian Maese, associated with Mohr Partners Inc.