Done Deals: HFF arranges $18.45M financing for Cameron Creek Apartments in Fort Worth, TX

Wednesday, July 16, 2008

HFF arranges $18.45M financing for Cameron Creek Apartments in Fort Worth, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $18.45 million in financing for Cameron Creek Apartments, (above centered photo) a 446-unit, garden-style multifamily community in Fort Worth, Texas.

HFF associate director Travis Anderson and senior managing director John Brownlee (top right photo) worked exclusively on behalf of the borrower, The Bascom Group to secure the 36-month, fixed-rate loan through GE Real Estate.

Loan proceeds are being used to acquire and renovate the property. The Bascom Group owns and operates 115 properties containing 33,788 units in California, Arizona, Washington, Hawaii, Colorado, Utah, Nevada, Texas and Georgia.

Cameron Creek Apartments has one-, two- and three-bedroom units averaging 859 square feet each. Community amenities include two pools, two tennis courts, a spa, a fitness center

, a volleyball court and a club house.

As part of the renovation program, Bascom plans to add BBQ areas, tot lots and a wi-fi business center as well as making significant interior upgrades to individual units.

Located at 5209 Bryant Irvin, Cameron Creek Apartments is located close to Interstate 20, Highway 183, University of Texas at Arlington and Hulen Mall.

“The planned renovations will allow the borrower to increase rents while offering updated interior finishes at market rents that are still lower than those offered by many of the property comparables,” said Anderson.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.