Financing commitments for iconic multi-housing development in Dallas, Texas, secured by HFF
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing commitments for The Village Apartments, an iconic multi-housing development in Dallas, Texas totaling approximately 7,000 units. The financing included a single-sponsor securitization and a floating-rate credit facility. All financing commitments were provided by Freddie Mac, and the loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
HFF worked on behalf of a joint venture between Lincoln Property Company, Invesco Real Estate, acting on behalf of an institutional client, and Crow Holdings. Financing proceeds were used to retire an existing Freddie Mac loan facility and to provide additional capital for future development.
The Village is located at the intersection of Caruth Haven and Greenville Avenue approximately eight miles northeast of downtown Dallas. Developed as a “city within a city,” the 309-acre property has an abundant amount of open green space, two lakes, a network of streams and water features, and 2.5 miles of jogging/biking trails. Originally developed in the late 1960s, ownership has continued to strategically add new multi-housing communities and common area amenities with a long-term vision in mind.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a builder and operator of high-quality residential communities. In the early 1970's, Lincoln expanded its product mix to include commercial, build-to-suit, office, hotel, industrial and other mixed-use assets. In 1972, Lincoln took this expertise within the United States to western Europe and the Middle East.
In 2001, Lincoln joined forces with the U.S. Department of Defense to renovate and redevelop family housing at selected bases for the Navy, the Marine Corps and the Army. Through innovative management, property rehabilitation and award-winning new construction designs, Lincoln is now one of the largest operators of military housing in the country. Lincoln continued its growth in 2013 with the acquisition of Grand Campus Living, increasing the depth of knowledge in the rental housing sector.
Headquartered in Dallas, Texas, Lincoln focuses on real estate investment, construction and development in addition to property management.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $61.9 billion of real estate investments, including $36.8 billion in direct real estate investments and $25.1 billion in real estate securities (as of June 30, 2015). With more than 400 employees in 20 offices worldwide, the group focuses on top-down market and property fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance. Additional information is available at www.invescorealestate.com.
About Crow Holdings
Crow Holdings was formed as a family office to own and manage the capital of the Trammell Crow family. Today, Crow Holdings has a substantial stake in the ownership of various businesses, both real estate and non-real estate related, with a level of involvement in the management of these businesses that ranges from active to passive. Their holdings also include significant, diversified positions in financial investments.
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.