HFF announces financing for development of 2 multi-housing properties in North Dallas
DALLAS, TX – February 15, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the development of two adjacent properties in North Dallas – Elan Inwood, a 180-unit luxury townhome community, and Forestwood Active Adult (Forestwood), a 197-unit, age-restricted active adult community.
The HFF team worked on behalf of the developer, Greystar, to source funding for the development of the properties through the Real Estate Finance unit at CIT Group Inc.
Elan Inwood and Forestwood will be situated on a 22.7-acre site at the northwest corner of Inwood Road and Forest Lane in one of Dallas’ most prestigious neighborhoods. The infill location provides proximity to numerous retail, dining and lifestyle amenities in central Dallas as well as major transportation arteries, including Highway 75, Interstate 635 and the North Dallas Tollway. Elan Inwood will comprise 168 townhomes and 12 detached, single-family-style homes with Class A finishes such as fireplaces, granite countertops, 10-foot ceilings, private yards, stainless steel appliances and gas cooktops.
Forestwood will offer active seniors an enriched lifestyle experience with a 12,000-square-foot indoor amenity center that will feature social spaces, a fitness center with a yoga and group fitness studio, game room, media room, demonstration kitchen for cooking classes and events and a professional staff to provide concierge-quality service for residents. The property will also have an outdoor, resort-style pool with hot tub. Both properties are due for completion in late 2019.
The HFF team representing Greystar included senior managing director Andy Scott and directors Michael Cosby and Sarah Anderson along with senior managing directors Ryan Maconachy, Chad Lavender and Bill Miller.
Greystar is a leading, fully integrated multifamily real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina, with offices throughout the United States, Europe, Latin America and Asia-Pacific, Greystar operates in over 130 markets globally and is the largest operator of apartments in the United States, managing over 420,000 units, with an aggregate estimated value of approximately $80 billion. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $23 billion in gross assets under management, including more than $8 billion of developments that have been completed or are underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. To learn more about Greystar, visit greystar.com.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
HFF and its affiliates operate out of 25 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.