Wednesday, September 28, 2016
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing for Coles Crossing, a 370-unit, Class A, garden-style multi-housing community in the northwest Houston suburb of Cypress, Texas.
Working exclusively on behalf of the borrower, Venterra Realty (Venterra), HFF placed fixed-rate acquisition financing through a life company correspondent lender.
The loan is for a term of seven years and provides for two, one-year extensions at Venterra’s election.
The interest rate is 3.21 percent for the initial seven-year term and includes three years of interest-only payments followed by a 30-year amortization.
The loan is subject to an initial period of yield maintenance followed by a fixed, declining prepayment schedule.
Coles Crossing is situated on 34.5 acres at 12500 Barker Cypress Road just north of Highway 290 in Cypress. The property is approximately 26 miles northwest of Houston’s central business district and features one-, two- and three-bedroom floor plans ranging from 678 to 1,376 square feet.
Community amenities include a swimming pool, playground, fitness center, clubhouse, detached garages and gated access. The property is 94 percent occupied.
The HFF debt placement team representing Venterra was led by managing director Cortney Cole.
For a complete copy of the company’s news release, please contact:
Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com