Thursday, January 10, 2013

HFF arranges $19.4 million in financing for Austin, TX multi-housing community



Acacia Cliffs Apartments, Austin, TX
 DALLAS, TX – HFF announced today that it has arranged $19.4 million in financing on behalf of Michael Ochstein, president of Price Realty Corporation, for his second acquisition in Austin, Texas; Acacia Cliffs, a 290-unit multi-housing community.

                HFF worked on behalf of Price Realty Corporation, to secure the 10-year fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation). 

John Brownless
HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to acquire the property.  This is the second acquisition by Price Realty in Austin during the last few months, the other being Keystone Apartments.

                Acacia Cliffs is located at 7201 Hart Lane west of the North Mopac Expressway (Loop 1) in the Northwest Hills area of Austin.  The property was renovated in 2011 and is 98 percent leased.  Community amenities include a clubhouse, business center, fitness center, swimming pool and basketball court.

Michael Ochstein
The HFF team representing Price Realty Corporation was led by senior managing director John Brownlee.

Founded in 1991, Price Realty Corporation owns/manages approximately 6,000 apartment communities throughout Texas.
 
For a complete copy of the company’s news release, please 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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