DALLAS– HFF announced today that it has arranged $45.98 million in financing for the Vistas at Hackberry Creek, a 560-unit, garden-style multi-housing community in Irving, Texas and Deer Park Apartments, a 216-unit, garden-style multi-housing community in Deer Park, Texas.
HFF worked on behalf of the Pure Multi-Family REIT LP to secure acquisition financing for the assets in two separate transactions. HFF placed the $29.5 million, 15-year, fixed-rate loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors, LLC. A separate $16.48 million, 10-year, fixed-rate loan for Deer Park Apartments was secured through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Vistas at Hackberry Creek is located at 2527 West Royal Lane near the intersection of John W. Carpenter Freeway and President George Bush Turnpike northwest of downtown Dallas. The property was renovated in 2007 and is 95.5 percent leased. Community amenities include a swimming pool, whirlpool, fitness center, clubhouse and business center.
Deer Park Apartments is located at 401 West Pasadena Boulevard near the Sam Houston Tollway and Pasadena Freeway southeast of downtown Houston. Completed in 2000, the property is situated on 12.23 acres and is 94 percent leased. Community amenities include a resort-style swimming pool, 24-hour fitness center, clubhouse, business center and covered parking.
The HFF team representing the borrower was led by senior managing director John Brownlee
Pure Multi-Family REIT LP is a publicly-traded limited partnership formed by Darren Latoski and Steve Evans to invest in quality multi-family real estate properties in major markets in the United States. To date, Pure Multi has used the proceeds from its initial public offering, issued in July 2012, and its bought deals, issued in October 2012 and May 2013, to acquire nine multifamily residential properties comprising an aggregate of 2,840 residential units located throughout Texas and having an aggregate purchase price of $257 million. Pure Multi is affiliated with the Sunstone Group, which is controlled by Messrs. Latoski and Evans, giving Pure Multi access to the Sunstone Group’s experienced management team and extensive network of relationships in the United States multifamily real estate market. Since 2002, the Sunstone Group has identified, acquired, managed and divested approximately $1.2 billion in income-producing real estate in Canada and the United States, including more than $280 million in twelve U.S. multifamily real estate properties acquired since 2008. www.puremultifamily.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.