HFF Secures $30.6M Financing for Brackenridge at Midtown in River City
- Oct 28, 2015
HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the 12-year, fixed interest rate of 3.72 percent per annum with TIAA-CREF. The HFF debt placement team was led by senior managing director John Brownlee and associate director Michael Cosby. Loan proceeds were used to acquire the property that sold for $51 million.
Brackenridge at Midtown was completed in 2014 and sits on 9.9 acres at 223 Brackenridge Ave., only a block from Brackenridge Park and almost two miles from downtown San Antonio’s River Walk. The community totals 282 Class A units with one-, two-, and three-bedroom apartments raging in size between 594 square feet to 1,458 square feet.
Community amenities feature a community center, fitness room for yoga, pilates and spin, alfresco kitchen, entertainment kitchen, horseshoe pit, covered parking, gaming lounge, resort-style pool with tanning deck, fire pit, pet park with water stations, and outdoor grills and social seating. Unit amenities include contemporary kitchen countertops, wood-style flooring, 9-foot ceilings, walk-in closets, and oversized patios and balconies.
Rendering courtesy of Embrey Partners