HFF Nails Down $32.8M in Financing for Texas Multi-Housing Community
- Aug 30, 2010
August 30, 2010
By Allison Landa, News Editor
The Berkeley, a multi-housing community in Fort Worth, Texas, has filled in a piece of its financing puzzle, thanks to Holliday Fenoglio Fowler, L.P. The commercial real estate and capital markets service provider has arranged $32.8 million in permanent financing for the 406-unit, Class A property.
Holliday executive managing director Jody Thornton and associate director John Ahmed worked on behalf of the borrower, Lincoln Property Co. and a multi-family development fund operated by Sarofim Realty Advisors. Proceeds from the 35-year, fixed-rate loan will go toward retiring an existing construction loan as well as recapitalizing the property.
Located at 2001 Park Hill Drive, the Berkeley was completed in 2008. It features amenities including a clubhouse, pool and spa and fitness center.
The Dallas-Fort Worth area is not out of the woods when it comes to the recession. According to Foreclosure Listing Service, the region’s commercial property foreclosure filings are up 51 percent thus far this year, with slightly more than 2,500 commercial foreclosure postings recorded for the first nine months of 2010.