AUSTIN, TX – HFF announced today that it has secured a $27 million refinancing for City North at Sunrise Ranch (top left photo), a 384-unit, Class A multi-housing complex in Round Rock, Texas.
Working exclusively on behalf of McShane Development Company and Arsenal Real Estate, HFF placed the seven-year, floating-rate loan, which included a third party interest rate cap, with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will service the loan through its Freddie Mac Program Plus® Seller/Servicer program.
City North at Sunrise Ranch is located at 2800 Sunrise Road about 20 miles north of downtown Austin via Interstate 35. Completed in 2009, the 93 percent leased property has 19 buildings with one-, two- and three-bedroom units averaging 949 square feet each. Community amenities include a swimming pool, fitness center, clubhouse and billiard room.
The HFF team representing McShane Development Company and Arsenal Real Estate was led by senior managing director Douglas Opalka (middle right photo) and included director Charles Halladay (lower left photo) and associate director Robert Wooten.
McShane Development Company is a diversified commercial real estate firm that develops, repositions, acquires, constructs, consults and manages properties within its portfolios.
Arsenal Real Estate Partners is a private real estate investment management firm serving a variety of clients that include pension plans, foundations, endowments and high net worth individuals.
Contacts:
DOUGLAS OPALKA
HFF Senior Managing Director
(512) 532-1900
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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