HFF Secures Financing for Dallas Community
- Sep 18, 2015
Senior managing director Trey Morsbach and director Jim Curtin led the HFF debt placement team representing the borrower, Billingsley Co., to secure a 15-year, fixed-rate loan through TIAA-CREF. Loan proceeds were used to replace an expiring construction loan.
Neighborhoods at Cypress Waters was completed in 2014. It is located at 3211 Scotch Creek Road within the 1,000-acre, waterfront Cypress Waters mixed-use development, which features multi-housing, office and retail in the central part of the Dallas-Fort Worth Metroplex. The 608-unit property consists of three neighborhoods—Parson’s Green, Scotch Creek and Sycamore Park—and offers a mix of flat- and townhome-style units totaling 489,486 rentable square feet.
The asset sits next to a 326-acre lake and features amenities such as two resort-style swimming pools; a fitness center; a community lodge with pool table, video game console and indoor/outdoor kitchen; parks and green spaces; dog stations; a children’s music park and playground; and art and sculptures throughout the grounds.
At the time of the sale, the property was 95 percent occupied.