HFF Secures $15.5 Refi for Three Texas Communities

HFF secured refinancing for three Lubbock-based communities totaling 480 units.

Holliday Fenoglio Fowler LP recently secured refinancing for the Stone Lake, Savannah Oaks and The Fountains. Working on behalf of the borrower, HFF placed three separate ten-year loans totaling $15.5 million with Lincoln Financial Group. Each loan has a fixed-rate with five years of interest only.

The Fountains

The Fountains

The three Lubbock-based communities total 480 units and are located at 7414 Elgin Ave., 5204 50th St. and 5001 Chicago Ave. At the time of the announcement, Stone Lake, Savannah Oaks and The Fountains had an occupancy rate of 97 percent and a range of amenities such as swimming pools, grilling/picnic areas, 24-hour fitness centers, business centers and dog parks.

Stone Lake features 162 units, including one-bedroom apartments starting at 473 square feet and reaching 840 square feet for the loft version and two-bedroom apartments starting at 943 square feet and reaching 1280 square feet.

Savannah Oaks

Savannah Oaks

Savannah Oaks features 150 units, including one-, two- and three-bedroom apartments. Unit sizes start at 656 square feet and reach 1187 square feet.

The Fountains features 168 units, including one- and two-bedroom apartments with sizes starting at 550 square feet and reaching 880 square feet.

HFF’s debt placement team was led by Associate Director De’On Collins and Senior Managing Director John Brownlee.