Crescent Real Estate chairman John Goff shown in front of Crescent office building in Fort Worth. The real estate company has brought on a veteran of industrial real estate to serve as managing director of its industrial investment and development platform.
Fort Worth-based Crescent Real Estate is making a major industrial real estate play.
The firm has tapped Reid Goetz to serve as managing director of its industrial investment and development platform, based in Crescent’s Fort Worth office.
Goetz brings more than 20 years of industrial real estate experience to Crescent. He most recently served as Hillwood Properties’ senior vice president and industrial team lead at AllianceTexas. Goetz played a leadership role in industrial development, leasing, acquisitions, dispositions, master planning and strategic initiatives for the firm.
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Goetz also played a key role in Hillwood’s data center strategy. He was involved in more than 26 million square feet of industrial real estate transactions and the construction of more than 14 million square feet of new industrial development.
Crescent said in a news release that Goetz’s hiring represents an “important strategic” expansion of the firm’s investment platform.
“Industrial is a natural and compelling extension of Crescent’s platform,” Conrad Suszynski, Crescent’s CEO, said in a statement. “We have long believed that Crescent’s development expertise, investment discipline, operating capabilities and market relationships position us well to pursue opportunities in the industrial sector. Reid Goetz brings the experience, judgment and relationships needed to help us execute that strategy in a thoughtful and meaningful way.”
Crescent Real Estate has hired Reid Goetz to serve as managing director of its industrial investment and development platform.
Courtesy of Crescent Real EstateApartment refinancing
After facing a foreclosure auction, Nitya Capital announced that it had successfully refinanced a Dallas-Fort Worth apartment complex.
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Houston-based Nitya Capital completed a refinancing of The Interlace Apartments, a 432-unit apartment community near the Shops at Redbird.
The Interlace Apartments was one of several apartment complexes listed for auction Aug. 4. On Monday, Nitya Capital announced the successful refinancing of Interlace Apartments with Morgan Stanley.
Nitya Capital is working to strengthen its portfolio through what it said is one of the most challenging real estate capital markets in decades. With interest rates high and the 10-year U.S. Treasury near 4.7%, lenders are selective and refinancing requirements are stricter, according to a news release.
The refinancing is what execution looks like in a difficult market, said Swapnil Agarwal, founder and CEO of Nitya Capital.
“There has been no shortage of predictions about what would happen to multifamily owners as rates moved dramatically higher,” Agarwal said in the news release. “We chose not to respond to the noise. We focused on our properties, our lenders and executing one transaction at a time.”
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Nitya Capital said the refinancing was complex because of the site’s public facility corporation structure, in which a public entity owns the property, making the
Over the past two years, Nitya has executed about $1.5 billion in refinancing and major debt payments, according to the news release. This year, the firm has also acquired about 1,300 multifamily units and has 1,300 units under contract.
Law firm moves offices
Law firm Carrington, Coleman, Sloman & Blumenthal LLP has signed a lease for more than 50,000 square feet at Dallas Arts Tower, a Class A office tower at 2200 Ross Ave.
The firm is leaving Bank of America Plaza for the Arts District high-rise, where it will occupy the building’s 18th and 19th floors.
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CBRE’s Phil Puckett and Harlan Davis represented the law firm in lease negotiations. The landlord, Fortis Property Group LLC, was represented by JJ Leonard of Partners Real Estate and Matt Wieser of Stream Realty.
“We are excited to move to Dallas Arts Tower and into new space that reflects our firm growth and momentum,” said Monica Latin, managing partner at Carrington Coleman. “The move has reinvigorated the entire office experience.”