Wednesday, October 29, 2014

HFF Gets Financing for Two Tarrant Properties

DALLAS--HFF has arranged financing totaling $46.7 million for two multi-housing properties: The Bluffs at Ironhorse, a two-phase, 490-unit multi-housing community in North Richland Hills, and Stone Villas, a two-phase, 396-unit multi-housing community in northwest Fort Worth.
HFF worked exclusively on behalf of the borrower, Oxford Enterprises Inc., to secure financing for the properties in two separate transactions. The Bluffs at Ironhorse was financed with a $34.7 million, 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp.  The $12 million balance sheet loan for Stone Villas was placed with M&T Bank. 
The Bluffs at Ironhorse is located in North Richland Hills near the intersection of Rufe Snow Drive and Northeast Loop 820, approximately 20 minutes northeast of downtown Fort Worth. Completed in two phases between 2002 and 2013, the property includes one-, two- and three-bedroom units that are a combined 96 percent leased. Community amenities include a swimming pool, heated spas, gas grills, a sand volleyball court, basketball court, billiards room, media room, dog park, business center and a clubhouse.  
Stone Villas is located in northwest Fort Worth along Loop 820. The borrower is in the process of delivering 200 units in its Phase II addition to the property and is utilizing loan proceeds to refinance Phase I while Phase II stabilizes. 
The HFF debt placement team was led by director Adam Herrin.
Reps for HFF were not able to return a request for more information about the transaction by press time.