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People and Companies, September 15th, 2023
- Fort Worth-based Overwatch Fund announced the addition of Lavera at Lake Highlands to its portfolio of multi-family holdings. The 280-unit property, located in the Richardson School District, will undergo extensive interior and exterior renovations.
- Cotton Court, a 165-room hotel in Lubbock, TX, was refinanced with a new fixed-rate, first mortgage for $21 million. The non-recourse loan is interest-only for the entire term at an interest rate of 7.6%. A rate buydown was required by the lender to achieve this rate and proceeds. The financing was arranged by Sonnenblick-Eichner Company. “This interest only, fixed-rate refinancing allowed our client to pay off their bank construction loan, which was a floating rate SOFR- based facility with amortization, allowing for a tremendous increase in cash flow to the partnership as well as a significant return of capital from the development,” said David Sonnenblick.
- Norfolk, VA-based Harbor Group International LLC bought The Warner, a 336-unit apartment complex in Round Rock. The sellers were co-developers Stanmore Partners and Transwestern Investment Group. The 326,015-square-foot apartment complex was completed last year on 11 acres at 3670 S. AW Grimes Blvd. The Warner was 96.1% occupied and 97.5% leased at the time of the sale.
- Longpoint has announced the addition of two key regional hires in newly created roles. Veteran investment executive Roger Waggoner joins the firm as Director of Acquisitions. In this role he will be responsible for expanding Longpoint’s portfolio of industrial assets across Texas. In another significant addition, Micah Faulkner was hired to fill the role of Construction Manager. Faulkner will play a key role in implementing the firm’s value add, repositioning and adaptive reuse strategies. Both Waggoner and Faulkner will be based in Dallas.
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