DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $65 million in financing for the acquisition of Cielo and Madrone, two Class A, garden-style multi-housing communities totaling 554 units in west Austin, Texas.
HFF worked exclusively on behalf of Toronto, Canada-based Starlight Investments Ltd., to place the seven-year, floating-rate loan with a national bank. The newly developed properties were completing lease-up and nearly stabilized when the financing closed.
The adjacent properties are located at 3499-3501 Ranch Road 620 South approximately seven miles southwest of Lake Travis. Completed in 2014, Cielo has 28 three-story buildings situated on 38 acres that house 326 one-, two-, and three-bedroom units The Madrone is situated on 40 acres directly adjacent to Cielo and was completed in 2015. The eight-building property has 228 one-, two- and three-bedroom units. Both properties include amenities such as resort-style swimming pools with sun decks, outdoor lounges, grilling stations, fire pits, state-of-the-art fitness centers with yoga/spin studios, clubhouses with Wi-Fi, lounges with televisions, game rooms, full entertaining kitchens, business centers and detached garages.
The HFF debt placement team representing the borrower was led by senior managing director Matt Kafka and director Campbell Roche.
About Starlight Investments Ltd. Starlight Investments Ltd. (“Starlight”) is a Toronto-based privately held, full service, real estate investment and asset management company that is driven by an experienced team comprised of more than 110 professionals. Starlight currently owns and asset manages $6 billion of multi-residential and commercial properties for joint venture partnerships with institutional investors, Northview Apartment REIT, True North Commercial REIT, Starlight U.S. Multi Family Core Funds and for private investors. The company’s portfolio consists of approximately 32,500 multi-residential units across Canada and the United States and more than 2.4 million square feet of commercial properties. For more information, visit www.starlightinvest.com and www.starlightus.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit https://www.hfflp.comhfflp.com or follow HFF on Twitter @HFF.