Friday, June 3, 2011

HFF secures acquisition financing for Hidden Creek Apartments in Lewisville,TX

DALLAS, TX – HFF announced today that it has secured acquisition financing for Hidden Creek Apartments (top left photo), a 362-unit, Class A multi-housing community in Lewisville, Texas.

Working on behalf of Praedium Group and Mike Ochstein, president of Price Realty Corporation, HFF placed the five-year, fixed-rate securitized loan with Freddie Mac (Federal Home Loan Mortgage Corporation).  Loan proceeds were used to acquire the property.  The loan will be serviced thr

ough HFF’s Freddie Mac Program Plus® Seller/Servicer program.

Hidden Creek is located at 1200 College Parkway close to Xerox Corporation, Vista Ridge Mall, Lake Lewisville and Vista Ridge Business Park in Lewisville, a northern suburb of Dallas/Fort Worth.  

Completed in 2000, the property has 14 three-story buildings with units averaging 939 square feet each.  Community amenities include a resort-style pool, outdoor heated spa, sports courts, sand volleyball court, fitness center and business resource center.  Hidden Creek is currently 97 percent occupied. 

The HFF team representing Praedium Group and Price Realty Corporation was led by senior managing director John Brownlee (top right photo) and managing director Brian Carlton (bottom left photo).

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $7 billion in total investments to date in more than 275 transactions comprised of 45 million square feet of commercial space and 55,000 multifamily units.

Price Realty Corporation was founded in 1991 and currently owns and manages more than 5,200 units in the Dallas/Fort Worth area.

John S. Brownlee, HFF Senior Managing Director, (214) 265-0880
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

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