Wednesday, September 16, 2015

HFF: The Village Apartments Get Refinanced

DALLAS--HFF has secured financing commitments for The Village Apartments, a 7,000-unit city-within-a-city multifamily housing community in Dallas.

The financing included a single-sponsor securitization and a floating-rate credit facility. All financing commitments were provided by Freddie Mac, and the loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. HFF was unable to offer additional comments about the transaction.

HFF worked on behalf of a joint venture between Dallas-based Lincoln Property Co.; Invesco Real Estate, acting on behalf of an institutional client; and Crow Holdings. Financing proceeds were used to retire an existing Freddie Mac loan facility and to provide additional capital for future development.

Originally developed in the ‘60s, The Village is located at the intersection of Caruth Haven and Greenville Avenue approximately eight miles northeast of downtown Dallas. The 309-acre property has an abundant amount of open green space, two lakes, a network of streams and water features and 2.5 miles of jogging/biking trails.

 Anna Caplan/GlobeSt