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| Wellington at Willow Bend, Plano, TX |
CHICAGO, IL – HFF announced today that it has secured an
$11.85 million financing for Wellington at Willow Bend, a 194-unit,
garden-style multi-housing community in Plano, Texas.
HFF worked on behalf of the borrower, an affiliate of Banner
Apartments, LLC, to secure the 10-year, 3.9 percent fixed-rate loan through
M&T Realty Capital Corporation (FNMA).
Proceeds were used to acquire the property.
Wellington at Willow Bend is located at 3200 Parkwood
Boulevard proximate to the intersection of Dallas North Tollway and West Parker
Road in Plano.
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| Matthew Schoenfeldt |
The 96.4 percent
occupied property consists of one-, two- and three-bedroom units averaging 909
square feet each. Community amenities
include a clubhouse, newly refurbished fitness center, two in-ground swimming
pools and a playground.
The HFF team representing the borrower was led by managing
director Matthew Schoenfeldt, associate director Adam Herrin and
senior real estate analyst Jason Bond.
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| Adam Herrin |
“The gentlemen at Banner are discerning buyers and even
better operators; they know exactly how to maximize performance of this in-fill
garden-style product,” said Schoenfeldt.
“The location of this asset in a desirable neighborhood near
award-winning medical facilities and school districts, as well as highly sought
after restaurants and retail, made it especially attractive to investors,”
added Herrin.
Banner Apartments, LLC and its affiliates (“Banner”) own,
develop and manage multifamily properties.
Banner was founded in 1989 and currently has ownership interests in and
manages more than 5,877 apartment homes.
Banner currently employs approximately 200 team members in eight states.
For a complete copy of the company's news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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