HFF secures $30.48 million construction financing for Class A multi-housing development in Williston, ND

Prairie Pines at the Ridge apartments, Williston, ND

DENVER, CO – HFF announced today that it has secured $30.48 million in construction financing for Prairie Pines at the Ridge, a 330-unit, Class A multi-housing development in Williston, North Dakota.

Eric Tupler

                HFF worked exclusively on behalf of the borrower, a joint venture between KKR, Continuum Partners and the Pioneer Companies to secure the construction loan through a national bank.

Prairie Pines at the Ridge will be situated on a 16.48-acre site at the intersection of 35th Street West and Long Branch Avenue within The Ridge master planned community.

Josh Simon

 Slated for completion in early 2014, the multi-housing project is the first phase of the development, which will also include 302 townhomes, 144 single-family homes, 48 duplex units and a public park.

 Property amenities will include a fitness center, business center, community kitchen, gathering room, outdoor picnic areas and outdoor barbecue and fire pits.

Leon McBroom

                The HFF team representing the seller was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Leon McBroom.

“The demand for housing in the Williston area has increased exponentially as the Bakken region of North Dakota experiences a major oil boom, commented Tupler.

Henry Kravis

“The Ridge, Williston’s first fully master planned community, is an excellent example of the long term sustainable growth the Williston area is experiencing in response to the region’s economic prosperity,”

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. 

George Roberts

With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes.  KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. 

KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform.  

KKR & Co L.P. is publicly traded on the New York Stock Exchange (NYSE:KKR), and "KKR", as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.

Mark Falcone

Continuum Partners and the Pioneer Companies is a national, privately-held real estate owner, operator, property manager and developer with headquarter offices in Denver, Colorado and Syracuse, New York. 

Continuum Partners and the Pioneer Companies are led by principals Mark Falcone, Michael Falcone, Peter Fair, and Daniel Murphy.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com