Financing for Austin, Texas multi-housing community arranged by HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing for Falcon Ridge, a 296-unit, garden-style multi-housing community in Austin, Texas.
HFF worked on behalf of the borrower, Griffis Residential, to secure the 10-year, fixed-rate loan with TIAA-CREF. Loan proceeds were used to acquire the property.
Built in 2000, Falcon Ridge has 12 residential buildings consisting of one-, two- and three-bedroom floor plans averaging 901 square feet each. Community amenities include two swimming pools, spa, fitness center, tanning room, sand volleyball court, barbecue area with grills, dog park, jogging trail, car wash and clubroom/business center. The property is situated on 23.45 acres at 500 East Stassney Lane immediately southeast of the intersection of Interstate 35 and Highway 71 in Austin’s South Central neighborhood. The asset is 94 percent occupied.
The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and associate director Casey Wenzel.
About Griffis Residential
Griffis Residential is a multifamily real estate investment company that owns and manages approximately 6,700 Class A apartment units in Colorado, Nevada, Texas and Washington. Headed by Ian Griffis, David Birnbaum and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents. For more information, visit GriffisResidential.com.
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.