DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for The Neighborhoods at Cypress Waters, a 608-unit, Class A apartment and townhome community in Dallas, Texas.
HFF worked on behalf of Billingsley Company to secure the 15-year, fixed-rate loan through TIAA-CREF. Loan proceeds were used to replace an expiring construction loan.
Completed in September 2014, The Neighborhoods at Cypress Waters is situated within the 1,000-acre, waterfront Cypress Waters mixed-use development with office, multi-housing and retail in the central part of the Dallas-Fort Worth Metroplex. The property encompasses a mix of flat- and townhome-style units totaling 489,486 rentable square feet with an average unit size of 805 square feet. Located at 3211 Scotch Creek Road, the asset is next to a 362-acre lake and has amenities such as two resort-style swimming pools, fitness center, sand volleyball court, hike and bike trails, children’s music park and playground, pet-friendly parks and dog stations. The property is 95 percent occupied.
The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach and director Jim Curtin.
About Cypress Waters: Cypress Waters’ 1,000 acres will become a high-density community of up to 4 million square feet of office space, 450,000 square feet of retail space, more than 10,000 residences and three schools. Located in the Cities of Dallas and Irving, Dallas County and in the Coppell Independent School District, Cypress Waters offers a premier address and the best school system to its citizens. Cypress Waters will join Legacy and Las Colinas as leading suburban developments in the southwest and in the nation. The Offices of Cypress Waters is a sustainable, mixed-use suburban corporate campus in the heart of one of the fastest growing cities in the nation. With two nearby substations, significant sources of water and several fiber providers, the property has tremendous business infrastructure already in place. The abundance of land gives corporations the flexibility to grow organically over time. The campus will reflect 21st century corporate values: environmentally sophisticated buildings, extensive natural landscaping, pedestrian trails and streets and lakeside restaurants. Cypress Waters will represent the lifestyle and values of Generations X, Y and Z thereby enhancing the brands for corporate clients. For more information, visit www.cypresswaters.com.
About Billingsley Company: Founded by Lucy and Henry Billingsley, Billingsley Company co-owns, designs, finances, leases and manages its properties for the future success of the company’s investments and the success of its tenants. Billingsley Company provides expanded opportunities for its business partners. From build-to-suit projects to fully developed communities, the company is engaged in each step of the process. Delivering smart design integrated with artistic works and natural spaces, Billingsley Company’s developments are life-enhancing communities in which to work, live, play, shop and dine. For further information, visit www.billingsleyco.com.
About HFF: HFF 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.