HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged acquisition financing for Calais at Courtlandt Square, a 356-unit, Class A mid-rise apartment community in Houston’s Midtown submarket.
Working on behalf of the borrower, Venterra Realty, HFF placed the seven-year acquisition loan with a balance sheet lender. The loan has a fixed-rate of 3.14 percent with three and a half years of interest only payments.
Calais at Courtlandt Square is located at the intersection of Louisiana and Elgin Streets in the heart of the culturally diverse Midtown neighborhood, which is situated between Houston’s Central Business District and Museum District. The property has a prime location proximate to Interstates 69 (Highway 59) and 45 connecting residents to major employment centers, including downtown and the Texas Medical Center. Completed in 2003, the 92-percent-leased property has one-, two- and three-bedroom units ranging from 621 to 1,724 square feet. Upon acquisition, Venterra will rebrand the property as Calais Midtown and will implement an interior upgrade program as units turn that will include new flooring and appliances, as well as enhancing the property’s exteriors and amenities, including renovations to the leasing office, fitness center, business center and pool/courtyard areas.
The HFF debt placement team representing the borrower was led by director Cortney Cole.
About Venterra Realty: 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.
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.