HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged fixed-rate financing for Hanover Rice Village, a 379-unit, Class A, podium-style apartment community near Rice University in Houston, Texas.
HFF worked exclusively on behalf of the borrower, The Hanover Company (Hanover), to secure the 10-year, fixed-rate loan through an agency lender.
Completed in 2013, Hanover Rice Village comprises 379 residential units and nine retail spaces totaling 22,599 square feet. The LEED Green-certified property is situated at the intersection of Kelvin Drive and Dunstan Road in the heart of Houston’s Rice Village live-work-play mixed-use development. Hanover Rice Village is a few blocks west of Rice University and proximate to the Texas Medical Center and Hermann Park. The property’s retail component is leased to tenants, including Coppa Italian Food, Punk’s Simple Southern Food and Cyclone Anaya’s Mexican Kitchen. Apartment units feature a variety of one-, two- and three-bedroom floor plans with high-end finishes such as nine-foot ceilings, custom cabinetry, large kitchen islands, stainless steel appliances, granite countertops, walk-in closets, in-unit washers and dryers, hardwood in living and dining areas and oversized soaking tubs. In addition to pedestrian access to some of the city’s best retail and dining attractions, resident amenities also include a courtyard with resort-style swimming pool, poolside cabanas, fire pit, grilling areas, open-air loggia with fireplace and TV, outdoor banquette seating and dining space, The Resident Club with TV lounge and billiards, gourmet catering kitchen, pet washing station and controlled-entry parking garage.
The HFF debt placement team representing Hanover was led by managing director Cortney Cole, executive managing director Scott Galloway and real estate analyst Dustin Selzer.
About Hanover Company: Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the acquisition, development, and management of high-quality multifamily residential properties nationwide. With over three decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on garden-style, mixed-use, high-density wood frame and high-rise projects. To date, Hanover's award-winning project mix totals nearly 44,000 units across the country and more than $8 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Dallas, Denver, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Washington, D.C.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated 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.