Wednesday, July 14, 2010

HFF arranges $6.5M financing for 494-unit east Houston multi-housing complex


DALLAS, TX – The Dallas and Houston offices of HFF (Holliday Fenoglio Fowler, L.P.)  have arranged $6.5 million in financing for Oaks of Woodforest (bottom right photo), a 494-unit multi-housing community in Houston, Texas.

Working exclusively on behalf of Post Investment Group, LLC, HFF managing director Kevin MacKenzie (top right photo)  and associate director Cameron Cureton (top left photo)  placed the three-year, adjustable-rate loan with Texas Capital Bank.

 Loan proceeds were used to acquire the property from a special servicer. Additional proceeds will go towards a complete renovation of the property.

Situated on more than 21 acres, the property is located at 230-280 Uvalde Road close to Interstate 10 and the Sam Houston Tollway, approximately 11 miles northeast of downtown Houston.

Oaks of Woodforest has 42 buildings with one-, two- and three-bedroom units. The property was damaged during Hurricane Ike and currently has 211 down units. Based on the units that are on-line, the property is approximately 90% leased.

“Post Investment Group’s track record of executing a ‘turnaround’ business plan for distressed properties such as Oaks of Woodforest is second to none,” said MacKenzie.

“They have successfully repositioned Whispering Winds and Limestone Apartments (formerly Serrano) in Houston; Bluffs at Town Lake (formerly Longhorn Station) in Austin; and Canyons at 45th (formerly Foxfire) in Amarillo, all previously distressed properties.”

Post Investment Group specializes in distressed, core-plus and value-add multi-housing investment opportunities throughout the United States.

Contacts:

Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880, kmackenzie@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com


HFF arranges $3.57M refinancing for Wallkill, NY  QuickChek convenience store

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $3.57 million refinancing for a free-standing QuickChek convenience store in Wallkill, New York.

HFF senior managing director Jon Mikula (middle left photo)  and associate director Michael Klein (lower right  photo)  worked exclusively on behalf of the borrower,

The Hampshire Companies, a full-service, private real estate investment firm, to secure the five-year, fixed-rate loan through People’s United Bank. This is the sixth QuickChek that HFF has financed on Hampshire’s behalf.

The property is located at 581 East Main Street in Wallkill, Orange County, New York. Completed in 2010, the 9,000-square-foot convenience store is 100% leased to QuickChek, a 40-year old privately-owned company that operates convenience stores throughout central and northern New Jersey and southern New York’s Mid-Hudson Valley.

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2 billion, based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. www.hampshireco.com.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

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