HFF Announces Financing for 6-Property, 2,000+ Unit Multi-Housing Portfolio in Dallas-Fort Worth
DALLAS--(BUSINESS WIRE)--Jul 12, 2018--Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for a six-property multi-housing portfolio totaling 2,048 units in the Dallas-Fort Worth metropolitan area.
The HFF team worked on behalf of the borrower, Exponential Property Group, to secure the fixed-rate loan through Global Atlantic Financial Group.
The six properties in the portfolio are Cedar Point at 2020 Cedar Point Drive in Arlington (272 units); Emerald Hills & Normandale at 8950 N. Normandale Street in Fort Worth (398 units); Marine Creek at 4500 Marine Creek Parkway in Fort Worth (248 units); The Woodlands at 7040 John T. White Road in Fort Worth (346 units); Pecan Knoll & Broadway at 1051 E. Centerville Road in Garland (492 units); and Quail Ridge at 1919 W. Tarrant Road in Grand Prairie (292 units). The assets are approximately 98 percent leased overall.
The HFF team representing the borrower included managing director Jeremy Sain.
“We were attracted to this acquisition for many reasons, including the opportunity to essentially double our DFW portfolio as well as the attractive returns the properties will make available for our investors,” said Kim Radaker, founder and managing principal of Exponential Property Group. “Throughout the acquisition, we worked closely with the previous owner to help us retain the majority of the existing staff as it was important to us to utilize their individual expertise to help make this new venture a success going forward.”
“HFF did a remarkable job in quickly identifying Global Atlantic as an ideal partner,” Radaker continued. “The creative structure Global Atlantic brought to the table allowed us to close this large portfolio in a timely manner, and we greatly appreciate both the HFF and Global Atlantic teams’ flawless performances throughout the entire process.”
About Exponential Property Group
Exponential Property Group of Companies was founded in 2011. Exponential specializes in repositioning value-add, multifamily assets throughout major Texas markets. Exponential minimizes costs in its properties with a vertically integrated business model as they have in-house property/asset management, construction and materials import divisions. Through professional asset management and a high level of integrity, Exponential increases the value of properties while dramatically improving quality of life for its residents. Exponential Property Group has closed nearly $350 million in multifamily assets.
HFF and its affiliates operate out of 26 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180712005727/en/
JEREMY SAIN, (214) 265-0880
HFF Managing Director
OLIVIA HENNESSEY, (713) 852-3500
HFF Public Relations Specialist
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: TRAVEL LODGING REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
Copyright Business Wire 2018.
PUB: 07/12/2018 04:17 PM/DISC: 07/12/2018 04:17 PM