HFF arranges $66 million financing for mixed-use development in Houston’s Washington Avenue corridor
HOUSTON, TX – July 19, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $66 million in construction financing for Phase I of the Buffalo Heights™ development, a grocery-anchored, mixed-use property in Houston’s Washington Avenue corridor.
HFF worked on behalf of the owner, BKR Memorial II, LP, along with the developer, Midway, to secure financing through U.S. Trust, Bank of America Private Wealth Management.
Situated on a site at 3663 Washington Avenue, Phase I of the Buffalo Heights™ development will be anchored by a 90,000-square-foot H-E-B. In addition to the ground-floor grocery store, the development will also have 2,200 square feet of inline adjacent retail and 36,800 square feet of boutique, double-height office space in the three floors along Washington Avenue. The multi-housing component, St. Andrie, will comprise 232 luxury urban apartment homes, including studio, one- and two-bedroom floor plans ranging from 553 to 1,545 square feet that offer views of downtown, Buffalo Bayou and River Oaks. The seven-story, mixed-use building is due for completion in 2019.
The HFF debt placement team representing the borrower was led by managing director Colby Mueck and director Matthew Putterman.
Midway’s purpose is to create enduring investments and remarkable places that enrich people’s lives. Houston-based Midway is a privately owned, fully integrated real estate investment and development firm that has provided the highest level of quality, service and value to its clients and investors for more than 49 years. The Midway portfolio of projects completed and/or underway consists of approximately 45 million square feet of properties in 23 states and Northern Mexico ranging from office and industrial facilities, corporate headquarters, mixed-use centers, business and industrial parks, medical facilities, manufacturing facilities, and master-planned resort and residential communities. For more information on Midway, visit midwaycompanies.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.