Monday, November 19, 2012

HFF arranges $9 million financing for student housing community near University of Texas in Austin, TX



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.

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™. 

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"). 

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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