DEAL OF THE DAY: Bascom Group Secures $18.45M Loan for Acquisition, Renovation of 446-Unit Apartment Community

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) recently arranged $18.45 million in financing for Cameron Creek Apartments, a 446-unit, garden-style community in Fort Worth, Texas. The borrower, The Bascom Group, secured the 36-month, fixed-rate loan through GE Real Estate. Loan proceeds are being used to acquire and renovate the property. Cameron Creek Apartments has one-, two- and three-bedroom units averaging 859 sq. ft. each. Community amenities include two pools, two tennis courts, a spa, a fitness center, a volleyball court and a clubhouse.Bascom plans to renovate the community by making significant interiors upgrades to the community as well as adding BBQ areas, tot lots and a Wi-Fi business center. The community is located at 5209 Bryant Irvin near Interstate 20, Highway 183, University of Texas at Arlington and Hulen Mall.“The planned renovations will allow the borrower to increase rents while offering updated interior finishes at market rents that are still lower than those offered by many of the property comparables,” says Travis Anderson, associate director of HFF.