Friday, October 30, 2015

Dallas Office Finances SA Multifamily Complex

DALLAS—Brackenridge at Midtown, a 282-unit, class A garden-style multifamily community in San Antonio has received $30.6 million in financing, secured by HFF’s Dallas office.

HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the long-term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to acquire the property. HFF declined to offer more details about the transaction.

Brackenridge at Midtown has one-, two- and three-bedroom units ranging between 594 square feet to 1,458 square feet. Completed in 2014, property amenities include a resort-style swimming pool with tanning deck, grilling areas, fire pit, horseshoe pit, pet park, clubhouse, state-of-the-art fitness center, dedicated yoga/Pilates fitness room, entertainment kitchen, gaming lounge and private garages.

Situated on 9.9 acres, the property is located at 223 Brackenridge Ave., about a block from Brackenridge Park and approximately two miles from downtown San Antonio’s River Walk. The property is 91 percent leased.

Senior managing director John Brownlee and associate director Michael Cosby led the HFF debt placement team representing the borrower.

Anna Caplan/GlobeSt.com