HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A multi-housing community in Houston’s Inner Loop.
Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan with LStar Capital Finance, Inc. Loan proceeds were used to replace existing construction financing.
Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park. Situated on 1.52 acres, the asset provides convenient access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Ave. and Highland Village. The four-story, podium-style building has units averaging 745 square feet each and is built above a two-story, 268-space parking garage. Community amenities include a resort-style swimming pool with tanning ledge and spa, barbecue grills, state-of-the-art fitness center with yoga/training room, lounge with billiards, catering kitchen, business center, bike storage/repair station and access to miles of nearby biking/jogging trails at Memorial Park.
The HFF debt placement team representing the borrower was led by director Cameron Cureton and executive managing director Scott Galloway.
About Sunrise Luxury Living
Sunrise Luxury Living (Sunrise) specializes in the acquisition, development, construction and management of luxury multifamily residential properties in the southwestern United States. The firm is currently pursuing acquisition and development opportunities in high-barrier-to-entry and high-growth markets. The Sunrise team has more than 75 years of collective experience developing and building luxury real-estate projects and is led by Jim Hinton who has more than 35 years of experience in commercial real estate and has focused exclusively on multifamily assets for more than 30 years.
About LStar Capital Finance, Inc.
LStar Capital Finance, Inc. (LStar) is a credit affiliate of Lone Star that provides both commercial real estate and corporate lending expertise. Lone Star is a global private equity firm that invests in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 15 private equity funds with aggregate capital commitments totaling approximately $60 billion.
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.