The loan, which has two years of interest-only payments, refinances the existing debt on the property and was facilitated by Rhonda Sands, senior vice president/commercial real estate, at Green Bank.
HFF’s debt replacement team representing the borrower included Managing Director Cortney Cole and Sterling Curry, an analyst.
The property is located in the Northline submarket of Houston just west of Interstate 45 and 3.5 miles north of Loop 610. The 5.6-acre lot has 12 two-story buildings with units averaging about 906 square feet. The buildings have floor plans ranging from one-bedroom/one-bath units to three-bedroom/2.5-bath units. Renovated this year, the units feature washer and dryer connections, hardwood-style flooring and private balconies or patios. Common area amenities include a swimming pool, picnic area, playground, clubhouse and business center. The occupancy is currently at 93.7 percent.
TriArc is a Houston-based full-service investment firm that focuses on core-plus, value-add and opportunistic investments primarily in Texas with an emphasis on the Houston region. It has approximately $40 million assets under management. The firm’s owned and third-party managed portfolio includes approximately 800 apartment units in the Houston metro and surrounding areas.
HFF Texas Deals
In June, Cole, along with HFF Senior Managing Director Eric Tupler and Managing Director Josh Simon secured a total of $172.8 million for Advenir Inc. to refinance existing floating-rate debt on five apartment communities in Houston and Denver. HFF arranged the financing of the seven-year, fixed-rate loans in five separate transactions through Freddie Mac’s Capital Markets Execution Program. The Texas properties included 258 units at Advenir at Eagle Creek in Humble, Texas, and 288 units at Advenir at Woodbridge Reserve in Sugar Land, Texas.
In August, HFF brokered the sale of a 161-unit apartment community in Spring, Texas, a Houston suburb. Canadian Western Wealth Capital purchased the 161-unit Wimbledon Apartment Homes for $14.9 million from Hayden Properties. It was the company’s fourth Texas acquisition and its first in the Houston metro area.