HFF Secures Financing for 2 Dallas Assets
- Feb 23, 2018
HFF has arranged the financing of two adjacent multifamily projects in Dallas, in a transaction carried out through the Real Estate Finance unit of CIT Group Inc. Greystar is planning to develop Elan Inwood, a 180-unit luxury townhouse property, as well as Forestwood Active Adult, a 197-unit age-restricted community.
The developments are planned for a 22.7-acre site in North Dallas, at the intersection of Inwood Road and Forest Lane. The infill site provides easy access to retail, leisure and dining amenities in the surrounding area. Situated in proximity to Interstate 635 and Highway 75, the property is within a 16-minute drive from downtown Dallas.
Elan Inwood will comprise 168 townhomes and 12 detached, single-family-style units, featuring high-end finishes, such as:
- granite countertops
- 10-foot ceilings
- private yards
- stainless steel appliances
- gas cooktops
Forestwood Active Adult will provide a 12,000-square-foot indoor amenity center, including a fitness center with yoga and group fitness studio, an outdoor pool with hot tub, a media room, a game room, a demonstration kitchen for cooking classes and concierge-quality services. The communities are slated for completion in late 2019.
The HFF team working on behalf of Greystar included Senior Managing Director Andy Scott and Directors Michael Cosby and Sarah Anderson, along with Senior Managing Directors Ryan Maconachy, Chad Lavender and Bill Miller.
Last December, Greystar closed on the disposition of Avana West Lemmon, a 372-unit luxury community in Dallas.