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| Piney Point apartments, 9100 Westheimer Road, Uptown/Galleria District, Houston, TX |
CHICAGO, IL – HFF announced it has secured financing for Piney
Point, a 319-unit, Class A multi-housing community in Houston’s
Uptown/Galleria District.
Working on behalf of the borrower, Marquette Companies, HFF placed the
seven-year fixed-rate loan with Allianz Real Estate of America, LLC.
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| Matthew Schoenfeldt |
Loan proceeds were
used to acquire the property and fund a capital improvement program to the unit
interiors and common areas. HFF will
also service the loan.
Piney
Point is located at 9100 Westheimer Road close to Houston’s Westchase District,
the Galleria and Loop 610 in West Houston.
Completed in 2004, the property has an average unit size of
919 square feet and offers residents amenities including a pool, clubhouse with
socializing area, 24-hour fitness center, business center and parking
garage. Piney Point is currently 96
percent leased.
The
HFF debt placement team representing the borrower was led by managing directors
Matthew Schoenfeldt and Matt Kafka.
The
Marquette Companies is a Naperville, Ill.-based private real estate company
that has been a leading property manager and developer of apartment and
condominium communities since 1983.
Today, Marquette is aggressively expanding its private portfolio as well
as its property and fee management division.
Marquette has significant expertise in purchasing value-add
opportunities that are underperforming and undervalued real estate assets
across the country to reposition or redevelop them.
Nationally, The
Marquette Companies owns and/or manages more than 11,000 units, including
apartment communities in Colorado, Indiana, Illinois, Michigan and Texas.
The company has
managed and developed more than 25,000 multi-family homes throughout the
Midwest and its gross annual revenues total approximately $99 million. For more information on The Marquette
Companies, visit www.marquettecompanies.com, and for Marquette Management,
visit www.marquettemanagement.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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