DALLAS, TX - HFF announced today that it has arranged financing totaling $46.7 million for two multi-housing properties – The Bluffs at Ironhorse, a two-phase, 490-unit multi-housing community in North Richland Hills, and Stone Villas, a two-phase, 396-unit multi-housing community in northwest Fort Worth.
HFF worked exclusively on behalf of the borrower, Oxford Enterprises, Inc., to secure financing for the properties in two separate transactions. The Bluffs at Ironhorse was financed with a $34.7 million, 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corporation. The $12 million balance sheet loan for Stone Villas was placed with M&T Bank.
The Bluffs at Ironhorse is located in North Richland Hills near the intersection of Rufe Snow Drive and Northeast Loop 820, approximately 20 minutes northeast of downtown Fort Worth. Completed in two phases between 2002 and 2013, the property includes one-, two- and three-bedroom units that are a combined 96 percent leased. Community amenities include a swimming pool, four heated spas, gas grills, sand volleyball court, basketball court, billiards room, media room, dog park, business center and clubhouse.
Stone Villas is located in northwest Fort Worth along Loop 820. The borrower is in the process of delivering 200 units in its Phase II addition to the property and is utilizing loan proceeds to refinance Phase I while Phase II stabilizes.
The HFF debt placement team was led by director Adam Herrin.
Oxford Enterprises, Inc. is a top-tier privately held real estate owner, developer and investment manager focusing on multifamily housing and niche opportunities in the United States. For information regarding Oxford Enterprises, Inc. go to www.oxfordenterprisesinc.com.
M&T Realty Capital Corporation is a wholly-owned commercial mortgage-banking subsidiary of Manufacturers and Traders Bank, better known as M&T Bank Corporation. Founded in 1856, M&T Bank Corp. is one of the 20 largest U.S. bank holding companies, with more than 700 branch offices and 1,500 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
HFF (Holliday Fenoglio Fowler, L.P.) 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 hfflp.com or follow HFF on Twitter @HFF.