HFF Secures Financing for 379-Unit Community in Houston
- Jan 27, 2017
Houston—HFF announced it has arranged fixed-rate financing for a 379-unit, Class A, podium-style apartment community near Rice University in Houston. HFF worked exclusively on behalf of the borrower, The Hanover Co., to secure the 10-year, fixed-rate loan through an agency lender. The HFF debt placement team representing Hanover was led by Managing Director Cortney Cole, Executive Managing Director Scott Galloway and Real Estate Analyst Dustin Selzer.
The unit mix at Hanover Rice Village comprises one- to three-bedroom floor plans with high-end finishes featuring nine-foot ceilings, custom cabinetry, large kitchen islands, stainless steel appliances, granite countertops, walk-in closets, in-unit washer and dryers, hardwood in living and dining areas and oversized soaking tubs. Common area amenities include a courtyard with resort-style swimming pool, poolside cabanas, fire pit, grilling areas, open-air loggia with fireplace and TV, outdoor banquette seating and dining space, the Resident Club with TV lounge and billiards, gourmet catering kitchen, pet washing station and controlled-entry parking garage.
Hanover Rice Village was completed in 2013 and, in addition to the residential component, offers nine retail spaces totaling 22,599 square feet. The retail space is leased to tenants, including Coppa Italian Food, Punk’s Simple Southern Food and Cyclone Anaya’s Mexican Kitchen. Located at 2455 Dunstan Road, the community is at the heart of Houston’s Rice Village live-work-play mixed-use district, proximate to the Texas Medical Center and Hermann Park.
Image courtesy of Yardi Matrix