Financing for 480-unit apartment community in Houston, Texas arranged by HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged acquisition financing for Broadstone Stone Park, a 480-unit, garden-style apartment community in Houston, Texas.
HFF worked exclusively on behalf of the borrower, Advenir, Inc., to secure the seven-year, 2.82 percent, floating-rate loan with three years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Advenir will rebrand the property as Advenir@Stone Park and will implement a capital improvement program to achieve greater rental premiums.
Broadstone Stone Park is situated on 21.59 acres at 6160 East Sam Houston Parkway North, approximately seven miles northwest of the Port of Houston and 16 miles northeast of downtown. The two-phased, controlled-access community has 17 residential buildings totaling 414,564 rentable square feet and two separate amenity packages for each phase including resort-style swimming pools; state-of-the-art fitness centers; barbecue and picnic areas; clubhouses with full kitchens, billiards tables and shuffleboards; business centers; and detached garages and carports.
The HFF debt placement team representing Advenir, Inc. was led by Josh Simon, Eric Tupler and Cortney Cole.
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 16,500 multifamily units valued at more than $2.2 billion. Advenir’s current portfolio consists of 9,200 apartment units valued at more than $1.3 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 260 employees and regional offices in Florida, Texas, and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
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.