HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Landmark of Conroe, a 200-unit, Class A, garden-style apartment complex in Conroe, Texas.
The HFF team worked on behalf of the borrower, Hilltop Residential, to secure a seven-year acquisition loan with a fixed interest rate of 4.57 percent. The loan has five years of interest-only payments as well as a flexible prepayment structure.
Landmark of Conroe is situated on approximately 15 acres at 1840 Longmire Road in Conroe, which is approximately 13 miles north of The Woodlands and 44 miles north of downtown Houston. The community is just northwest of the intersection of Interstate 45 and Loop 336 near local retail and employment drivers as well as schools in the highly desirable Conroe ISD and recreational activities at Lake Conroe. Landmark of Conroe consists of 23 two- and three-story residential buildings comprising one-, two- and three-bedroom units averaging 1,159 square feet. Community amenities include a swimming pool, lighted basketball and tennis court, picnic/grilling area, car wash, state-of-the-art fitness center and clubhouse. Hilltop plans to spend additional capital to upgrade the property’s amenities as well as renovate units as they turn.
HFF’s debt placement team representing the borrower included managing director Cortney Cole and analyst Jett Lucia.
About Hilltop Residential: Headquartered in Houston, Hilltop Residential provides investors with tax-deferred income and capital appreciation by acquiring and renovating multi-family properties located in the southern United States. Hilltop invests in cities and neighborhoods with strong demographics and positive employment growth. For more information, visit livehilltop.com
About HFF: HFF and its affiliates operate out of 26 offices and are 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.