Done Deals: HFF arranges $45.98 million financing for two suburban multi-housing communities in Texas

Monday, July 15, 2013

HFF arranges $45.98 million financing for two suburban multi-housing communities in Texas

Vistas at Hackberry Creek, Irving, TX

DALLAS, TX – HFF announced today that it has arranged $45.98 million in financing for the Vistas at Hackberry Creek, a 560-unit, garden-style multi-housing community in Irving, Texas and Deer Park Apartments, a 216-unit, garden-style multi-housing community in Deer Park, Texas.

Deer Park Apartments, Deer Park, TX

HFF worked on behalf of the Pure Multi-Family REIT LP to secure acquisition financing for the assets in two separate transactions.

HFF placed the $29.5 million, 15-year, fixed-rate loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors, LLC. A separate $16.48 million, 10-year, fixed-rate loan for Deer Park Apartments was secured 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.

John Brownlee

Vistas at Hackberry Creek is located at 2527 West Royal Lane near the intersection of John W. Carpenter Freeway and President George Bush Turnpike northwest of downtown Dallas.

The property was renovated in 2007 and is 95.5 percent leased. Community amenities include a swimming pool, whirlpool, fitness center, clubhouse and business center.

Deer Park Apartments is located at 401 West Pasadena Boulevard near the Sam Houston Tollway and Pasadena Freeway southeast of downtown Houston.

Completed in 2000, the property is situated on 12.23 acres and is 94 percent leased. Community amenities include a resort-style swimming pool, 24-hour fitness center, clubhouse, business center and covered parking.