By Evelyn Jozsa
HFF has arranged a seven-year, LIBOR plus 2.16 percent, floating-rate loan with three years of interest-only payments through Freddie Mac’s Capital Markets Execution program, for Advenir at Frankford Springs, a 332-unit, garden-style apartment community in Dallas. The securitized loan has also qualified for the Freddie Mac Multifamily Green Advantage program. HFF worked on behalf of Advenir Inc., the borrower.
Located at 3702 Frankford Road, the property is exposed to a major east-west, six-lane thoroughfare which provides access to the metroplex. Downtown Dallas is within twenty miles of the community. Additionally, North Dallas employment centers, such as Platinum Corridor and Legacy West, are also close to the community.
Built in 1998, Advenir at Frankford comprises a mix of one-, two- and three-bedroom apartments, averaging 1,026 square feet. The units feature gourmet kitchens, fireplaces, walk-in closets and private balconies or patios. Common-area amenities include:
- resort-style pool with poolside cabanas
- grilling stations
- basketball court
- fitness center
- business center
- resident lounge
- dog park
HFF’s debt placement team included Josh Simon, managing director, along with Eric Tupler and Andy Scott, senior managing directors. HFF also recently secured a construction loan for a 39-story, 370-unit luxury tower in Houston.
Image courtesy of Yardi Matrix