Fixed-rate acquisition financing for mid-rise apartment community in Houston’s Midtown submarket arranged by HFF

Calais at Courtlandt Square Apartments, Midtown Submarket, Houston, TX

                                                                                               (photo by Yvonne Hondros)

  

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing for Calais at Courtlandt Square, a 356-unit, Class A mid-rise apartment community in Houston’s Midtown submarket.

Working on behalf of the borrower, Venterra Realty, HFF placed the seven-year acquisition loan with a balance sheet lender.  The loan has a fixed-rate of 3.14 percent with three and a half years of interest only payments.

Cortney Cole

Calais at Courtlandt Square is located at the intersection of Louisiana and Elgin Streets in the heart of the culturally diverse Midtown neighborhood, which is situated between Houston’s Central Business District and Museum District.

 The property has a prime location proximate to Interstates 69 (Highway 59) and 45 connecting residents to major employment centers, including downtown and the Texas Medical Center. 

Completed in 2003, the 92-percent-leased property has one-, two- and three-bedroom units ranging from 621 to 1,724 square feet.  

Upon acquisition, Venterra will rebrand the property as Calais Midtown and will implement an interior upgrade program as units turn that will include new flooring and appliances, as well as enhancing the property’s exteriors and amenities, including renovations to the leasing office, fitness center, business center and pool/courtyard areas.

The HFF debt placement team representing the borrower was led by director Cortney Cole.

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

Olivia Hennessey

HFF PR Coordinator, Marketing

(713) 852-3500

ohennessey@hfflp.com