Financing Secured for Dallas Multifamily ‘Village’
- Sep 16, 2015
Working on behalf of a joint venture between Invesco Real Estate, Lincoln Property Co., and Crow Holdings, HFF managed to secure financing that includes a single-sponsor securitization and a floating-rate credit facility. Provided by Freddie Mac, the loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.
According to HFF, financing proceeds were used to retire an existing Freddie Mac loan facility. The proceeds will also be used to provide additional capital for development at the site.
Located at the intersection of Caruth Haven and Greenville Avenue, roughly eight miles of downtown Dallas, The Village Apartments is a massive, 309-acre property that incorporates 17 distinct apartment communities with more than 10,000 residents. Developed as a “city within a city,” The Village was constructed in the 1960s and is strategically situated just minutes away from the North Central Expressway and major employment centers such as Baylor Medical Center and The Presbyterian Medical Complex.
The Village Apartments features one-, two-, and three-bedroom flats or townhome-style apartments. Amenities include 29 community pools, covered parking garage, two lakes, 2.5 miles of jogging and biking trails, and a network of streams and water features. Given its size, the massive village has its own magazine, Landscape Company, central maintenance request call center, and dedicated courtesy and horse patrol.
Image courtesy of The Village Apartments