TODAY’S NEWS: HFF Secures $47.35M Construction Loan for Mixed-Use Development, and Other Transactions
- Oct 21, 2008
By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) recently secured a $47.35 million construction loan for Brick Row (pictured), a mixed-use development under construction in Dallas. HFF managing director Andy Scott worked exclusively on behalf of the borrower, a joint venture partnership between Winston Capital Corp., L&B Realty Advisors and the Michigan Employees Retirement System. A three-bank syndication, which was led by Colonial Bank, along with Texas Capital Bank and Broadway Bank, provided the three-year construction loan. Upon completion in mid-year 2010, Brick Row will feature 500 multifamily units and 16,000 sq. ft. of ground-level retail space configured around two central parking structures. “To get this project financed in a turbulent capital markets environment is a testament to the commitment and resiliency of everyone involved in this endeavor, and is proof that development projects with stellar sponsorship and strong locations are getting done,” says Scott.“Projects such as Brick Row are essential in defining the new landscape of transit-oriented development in the Dallas Fort Worth metroplex, and represent viable and rewarding investment product for real estate firms to add to their portfolio for many years to come,” Scott adds.MC Cos. Acquires Its Third Apartment Community in 150 Days for $18MSun City, Ariz.–MC Cos. partnered with an investment group to acquire The Fountains at Sun City, a 182-unit apartment community located in Sun City, Ariz., for $18 million.The purchaser is a limited partnership, with MC Cos. as the general partner and a foreign investment group as limited partners.This is the third acquisition for MC Cos. since May of this year. MC Cos. principal and co-partner Ross McCallister says the company is on target with its acquisition plans. Commenting on the new limited partnership, McCallister says, “When this group came to us mid-summer looking to become equity partners, we were able to put together the right investment and structure a deal for this group, recognizing today’s economic climate.” ABR, Price Realty Corp. JV Acquires 272-Unit Rental CommunityArlington, Texas.–Alex. Brown Realty Inc. (ABR) has entered into a joint venture with Price Realty Corp. to acquire Hunters Point Apartments in Arlington, Texas. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $5.9 million to the venture. Price Realty will serve as Hunter’s Point property management team. Hunters Point is a 272-unit garden-style apartment complex built in 1984. The gated complex also includes a clubhouse, business center, fitness center, two pools, a tennis court and 487 surface parking spaces. The complex is located in North Arlington submarket and is easily accessible to Interstate 30, a major arterial that connects Arlington with Fort Worth and Dallas.To add value to the complex, the joint venture plans to move forward with renovation plans initiated by the previous owner. “The 34 units renovated to date all support monthly rental rates $150 higher than the other units.” ABR and Price Realty plan to invest approximately $4,200 per unit over the next two years to renovate the remaining units.