TODAY’S DEALS: HFF Arranges $16.3M Refi Loan Through Freddie Mac for 366-Unit Rental Community, and Other Transactions
- Jan 08, 2009
By Anuradha Kher, Online News EditorLubbock, Texas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $16.3 million refinancing through Freddie Mac for Ashton Pointe (pictured), a 366-unit multifamily community in Lubbock, Texas.HFF worked on behalf of McDougal Cos. to secure the 10-year, 5.64 percent fixed-rate loan, which will be also be serviced by HFF. Ashton Pointe is located at 308 Frankford, close to West Loop 289 in Lubbock. It was completed in three phases from 1996 to 2003. The property is currently 92 percent occupied.Balfour Beatty Communities Acquires Interest in Military Housing Privatization Project at Lackland Air Force BaseSan Antonio–Balfour Beatty Communities has acquired the interests in both Phase I and Phase II of the military housing privatization project at Lackland Air Force Base located in San Antonio. Phase I of the project consists of 420 housing units completed in 2000 by a prior developer; and Phase II of the project will cover the design, development, construction/renovation and management of an additional 363 end-state housing units. The company completed the acquisition through the purchase of the membership interests in Lackland Family Housing LLC, an entity previously owned by Realm Holdings Inc.The project, consisting of both Phases I and II, has a term of 50-years, and includes a five-year Initial Development Period (IDP) for Phase II with IDP costs valued at approximately $142.0 million. The company also has taken over property management and operational responsibilities with respect to Phase I of the project. Throughout the 50-year term of the project, the company will earn management, construction/renovation and development fees, as well as equity returns on its invested capital. Meridian Capital Arranges $5,437,000 Loan for Purchase of 80-Unit Rental Community West Hartford, Conn.–Meridian Capital Group recently arranged a loan in the amount of $5,437,000 for the purchase of Boulevard Square Apartments, an 80-unit apartment community, located in West Hartford, Conn. Meridian’s Florida office negotiated on behalf of the borrower to secure a 10-year fixed non-recourse loan at a rate of 6.27 percent.