HOUSTON, TX – HFF announced today that it has arranged acquisition financing for Belterra, a 288-unit, Class A multi-housing community in Fort Worth, Texas.
Working on behalf of the borrower, Venterra Realty, HFF placed the entire five-year, 3.12 percent fixed-rate loan (with interest-only payments throughout the term) with PPM Finance, Inc.
Belterra is located at 7001 Sandshell Boulevard, east of Interstate 35 West and south of Basswood Boulevard within the acclaimed Keller Independent School District, approximately nine miles north of downtown Fort Worth. Completed in 2005, the property has one-, two- and three-bedroom units averaging 966 square feet. Community amenities include a swimming pool, hot tub, fireside lounge areas, basketball court, fitness center, clubhouse, business center, billiards lounge and car care center. The property is 94 percent leased.
The HFF debt placement team representing the borrower was led by director Cortney Cole and managing director Steve Heldenfels.
“Upon acquisition Venterra plans to execute a minor capital upgrade program to both the property exterior as well as unit interiors,” Cole said. “The property will also benefit from the implementation of Venterra’s property management expertise and proven management platform, including revenue optimization technology, which is not currently being used at the property.”
Venterra specializes in the identification, finance, acquisition and management of multifamily residential communities in the southern United States. Venterra currently manages a portfolio of approximately 17,000 multifamily units totaling more than $1.45 billion in value that generates gross annual income in excess of $180 million. The organization has completed in excess of $2.6 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs more than 500 people.
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.