DALLAS, TX – HFF announced today that it has secured a $7.4 million financing for Keystone Apartments (top left photo), a 166-unit, garden-style multi-housing community in Austin, Texas.
HFF worked exclusively on behalf of the property’s owner, Price Realty Corporation, to secure the seven-year, fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.
The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Keystone Apartments is at 5230 Thunder Creek Road near the intersection of Highway 183 and Duval Road and minutes from Lakeline Mall. The 95 percent occupied property has studio, one- and two-bedroom units.
The HFF team representing the borrower was led by senior managing director John Brownlee (middle right photo).
“This transaction is especially pivotal to our firm as it marks our first acquisition in the Austin area. We have been focused on the Dallas and North Texas market since 1991, but are working towards expanding our presence to Austin and beyond,” commented Mike Ochstein of Price Realty Corporation. Price Realty Corporation currently owns approximately 5,800 units.
Contacts:
JOHN S. BROWNLEE
HFF Senior Managing Director
(214) 265-0880
OLIVIA N. HENNESSEY
HFF Associate, Marketing
(713) 852-3500
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