Done Deals: HFF secures $17.5M in financing for Dallas area affordable housing communities

Monday, August 18, 2008

HFF secures $17.5M in financing for Dallas area affordable housing communities

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $17.5 million in financing for Garden Gate Fort Worth (top right photo) and Garden Gate Plano, (middle left photo) two affordable housing communities in Fort Worth and Plano, Texas.

Working on behalf of Juniper Investment Group, HFF senior managing director Mark Sixour (top left photo) and associate

director Sabrina Solomiany placed two seven-year loans with Freddie Mac (Federal Home Loan Mortgage Corporation).

A $7.8 million fixed-rate loan was arranged for the Fort Worth property and a fixed-rate loan of $9.7 million was secured for the Plano property.

Completed in 1995 under the Section 42 Low Income Housing Tax Credit program, Garden Gate Fort Worth and Garden Gate Plano have 240 units each with an average unit size of 840 square feet.

Community amenities include a clubhouse, outdoor swimming pool, basketball court, fitness center, playground and laundry facility. Garden Gate Fort Worth is located at 6901 North Beach Street and Garden Gate Plano is located at 1201 Legacy Drive in the northern Dallas suburb of Plano.
“Juniper is very excited about adding two high quality assets to our growing

affordable housing portfolio. HFF’s efforts were instrumental in securing the best available financing that importantly matches the expected investment term for these assets,” said Juniper president Jay Rippeto.

Founded in April 2000, Juniper Investment Group focuses on the acquisition of conventional and affordable multifamily properties in Texas and other Sunbelt markets.

Since its formation, Juniper has closed on more than 12,500 units in 12 states totaling more than $500 million.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.