Holliday Fenoglio Fowler, L.P. (HFF) announces refinancing for Advenir at Frankford Springs, a 332-unit, garden-style apartment community in Dallas, Texas.
The HFF team worked on behalf of Advenir, Inc. to secure the seven-year, LIBOR plus 2.16 percent, floating-rate loan with three years of interest-only payments through Freddie Mac’s CME Program. The securitized loan has qualified for Freddie Mac’s Green program, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Advenir at Frankford Springs is located along Frankford Road, a major east-west, six-lane thoroughfare enabling residents to navigate the metroplex. Positioned approximately 18 miles north of downtown Dallas, the community is near major North Dallas employment centers, such as the Platinum Corridor and Legacy West, and retail amenities, such as the Galleria Dallas and the Shops at Willow Bend. Units range from one- to three-bedroom floor plans featuring gourmet kitchens, fireplaces, walk-in closets, and private balconies or patios. Community amenities include a resort-style pool with poolside cabanas, grilling stations, basketball court, fitness center, clubhouse, business center, resident lounge, billiards and a dog park. Advenir at Frankford Springs is 95 percent leased.
The HFF debt placement team representing Advenir included managing director Josh Simon and senior managing directors Eric Tupler and Andy Scott.
About Advenir, Inc.
Founded in 1996, Advenir, LLC is a Real Estate Investment Company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates multi-family rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated more than 23,000 apartment units valued at just under $3.7 billion. The company’s current portfolio is in excess of 13,241 apartment units valued at more than $2.3 billion. In addition to Advenir, LLC, Advenir has a Property Management Company with 325 employees and regional offices in Florida, Texas, Colorado and Louisiana; and a Construction Management Company focused on multifamily development and rehabilitation.
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.