DALLAS, TX - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $30.6 million in financing for Brackenridge at Midtown, a 282-unit, Class A garden-style multi-housing community in San Antonio, Texas.
HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the long-term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to acquire the property.
Brackenridge at Midtown has one-, two- and three-bedroom units ranging between 594 square feet to 1,458 square feet. Completed in 2014, property amenities include a resort-style swimming pool with tanning deck, grilling areas, fire pit, horseshoe pit, pet park, clubhouse, state-of-the-art fitness center, dedicated yoga/Pilates fitness room, entertainment kitchen, gaming lounge and private garages. Situated on 9.9 acres, the property is located at 223 Brackenridge Avenue about a block from Brackenridge Park and approximately two miles from downtown San Antonio’s River Walk in San Antonio’s Brackenridge/Midtown neighborhood. The property is 91 percent leased.
The HFF debt placement team representing the borrower was led by senior managing director John Brownlee and associate director Michael Cosby.
About Pure Multi-Family REIT LP: Pure Multi-Family REIT LP (Pure Multi) is a Canadian-based, publicly-traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multifamily real estate assets. Additional information about Pure Multi is available at www.puremultifamily.com or www.sedar.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.