HOUSTON, TX – HFF announced today that it has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A multi-housing community in Kingwood, Texas.
HFF worked on behalf of the borrower, Mark-Dana Corporation, to secure the mezzanine loan through an affiliate of Prime Finance. The senior construction loan was provided by Amegy Bank in a non-HFF related transaction.
Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each and attached garage parking. Situated on 12.58 acres at 331 Forest Center Drive in Kingwood, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, approximately 24 miles north of downtown Houston.
HFF’s equity placement team was led by managing director Colby Mueck.
Headquartered in Spring, Texas, Mark-Dana Corporation (MDC) is a full service real estate company. MDC and its affiliates develop, build and manage multi-family housing in Texas and Virginia. The principals of MDC have been involved in developing, building and managing multi-family housing for more than 40 years.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.