HFF secures financing totaling nearly $50M on behalf of Trammell Crow Residential

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they has secured nearly $50 million in financing on behalf of Trammell Crow Residential for Alexan Woods (top right photo) and Alexan Main Street, (middle left photo) two Class A multifamily complexes in Houston, Texas.

Working exclusively on behalf of the borrower, HFF executive managing director Jody Thornton (middle right photo) and associate directors John Ahmed and Matt Kafka (bottom left photo) placed two, seven-year adjustable-rate loans with Freddie Mac (Federal Home Loan Mortgage Corporation).

A $22.16 million loan was secured for Alexan Woods and a $27.63 million loan was arranged for Alexan Main Street. Proceeds will be used to retire the existing construction loans, while recapitalizing both assets with assumable, non-recourse financing and flexible prepayment structures.

“Despite an extremely challenging capital markets environment, Freddie Mac never wavered in their focus or in their commitment to these deals,” said Kafka.

Alexan Woods is located in The Woodlands, approximately 25 miles north of downtown Houston.

Completed in 2007, the property has 280 units with 99 percent of the units currently occupied.

Community amenities include a swimming pool, clubhouse, business center, fitness center and covered parking.

Currently 98 percent occupied, Alexan Main Street was also completed in 2007 and has 286 one- and two-bedroom units, averaging 983 square feet each. Residents have access to a resort-style pool, business center and athletic club.

Located at 8333 Braesmain Drive, the property is located at Braesmain Drive and South Main Street in Houston, adjacent to the Texas Medical Center.

“As the majority of sales today have some measure of assumable debt and/or seller financing, TCR was very astute in structuring these properties with attractive, non-recourse debt in-place,” added Ahmed.

Trammell Crow Residential entities develop and acquire multifamily rental communities throughout the United States.

Contacts:

Matt Kafka, HFF Associate Director, (713) 852-3500, mkafka@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com