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| Cielo Apartments, 3499-3501 Ranch Road 620 South, West Austin, TX |
DALLAS, T -– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $65 million in financing
for the acquisition of Cielo and Madrone, two Class A, garden-style
multi-housing communities totaling 554 units in west Austin, Texas.
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| Campbell Roche |
HFF worked exclusively on
behalf of Toronto, Canada-based Starlight Investments Ltd., to place the
seven-year, floating-rate loan with a national bank. The newly developed properties were
completing lease-up and nearly stabilized when the financing closed.
The adjacent properties
are located at 3499-3501 Ranch Road 620
South approximately seven miles southwest of Lake Travis. Completed in 2014, Cielo has 28 three-story
buildings situated on 38 acres that house 326 one-, two-, and three-bedroom
units
The Madrone is situated on
40 acres directly adjacent to Cielo and was completed in 2015. The eight-building property has 228 one-,
two- and three-bedroom units.
Both properties include
amenities such as resort-style swimming pools with sun decks, outdoor lounges,
grilling stations, fire pits, state-of-the-art fitness centers with yoga/spin
studios, clubhouses with Wi-Fi, lounges with televisions, game rooms, full
entertaining kitchens, business centers and detached garages.
The HFF debt placement team
representing the borrower was led by senior managing director Matt Kafka and director Campbell Roche.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
.
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