HFF Arranges $65M Financing in Austin
- Aug 22, 2016
Austin, Texas—HFF announced it has arranged $65 million in financing for Toronto, Canada-based Starlight Investments to acquire Cielo and Madrone, two Class A communities located in west Austin. The seller was TFI Real Estate, according to Yardi Matrix.
HFF worked exclusively on behalf of the buyer to place the seven-year, floating-rate loan with Capital One Financial Corp. The HFF debt placement team representing the borrower was led by Senior Managing Director Matt Kafka and Director Campbell Roche. Recently built, the communities were completing lease-up and nearly stabilized when the financing closed.
The contiguous properties are located at 3499-3501 Ranch Road 620 S., approximately 7 miles southwest of Lake Travis. Cielo was completed in 2014; it consists of 28 three-story buildings situated on 38 acres totaling 326 one-, two- and three-bedroom units. Madrone lies on 40 acres directly adjacent to Cielo and was finalized in 2015. The community comprises eight buildings with 228 units featuring one- to three-bedroom floor plans.
Amenities at both garden-style communities include resort-style swimming pools with sun decks, outdoor lounges, grilling stations, fire pits, fitness centers with yoga/spin studios, clubhouses with Wi-Fi, lounges with televisions, game rooms, business centers and detached garages.
Images courtesy of Yardi Matrix