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| Century Square Apartments, Austin, TX |
SAN DIEGO, CA – HFF announced it has arranged $9 million in
financing for Century Square Apartments, a 138-unit, student housing
community near The University of Texas in Austin, Texas.
HFF
worked on behalf of a joint venture between Cardinal Group Investments LLC and
Fundamental Advisors LP to secure the 10-year fixed-rate FNMA loan. Loan proceeds were used to acquire the
property.
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| Pat Burger |
Century Square Apartments is
located at 3401 Red River Road within walking distance of the campus of The
University of Texas and north of downtown Austin. The sponsor’s renovation plan will include both exterior and
interior improvements as part of its rebranding of the property under its urban
multifamily platform, Mint Urban™.
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| Tim Wright |
The
HFF team representing the borrower was led by Pat Burger, Tim Wright, Doug
Opalka and Husayn Hasan.
Cardinal Group is a fully-integrated real estate investment, development
and management firm specializing in opportunistic and value-added investments
throughout the United States.
The firm acts as a sponsor of private equity real estate
partnerships and provides asset management services through its investment
company Cardinal Group Investments, LLC ("CGI").
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| Douglas Opalka |
CGI's affiliate management company, Cardinal Group
Management, LLC ("CGM"), provides property and construction
management services to all of CGI's owned assets as well as to outside owners
on a third-party basis.
Fundamental Advisors was formed in July 2007 to invest in special
situations related to the municipal revenue bond market, seeking to revitalize
distressed assets in such sectors as senior care, affordable housing, student
housing, infrastructure and hospitality.
Co-founders Laurence Gottlieb, who previously co-headed Citigroup's
Municipal Distressed & Special Situations proprietary trading desk, and
Dana Fusaris, who led Madison Capital Management's distressed and defaulted
municipal bond effort, have worked together as industry colleagues or partners
for over a decade.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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