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HFF Arranges Joint Venture Equity and Loan for Houston Property
Published: December 17, 2007
By Keat Foong, Executive Editor
Houston—The Houston office of HFF (Holliday Fenoglio Fowler LP) arranged financing and joint venture equity with a total capitalized value of approximately $17 million for Whispering Winds Apartments, a 286-unit multifamily community in suburban Houston.
HFF managing director Tucker Knight worked exclusively on behalf of Post Investment Group to secure the 5.27 percent fixed-rate loan, which will also be serviced by HFF, through Freddie Mac. NDC Capital Partners provided joint venture equity and proceeds from both transactions are being used to acquire and renovate the property. Post Investment Group is an opportunistic real estate investment firm focused on the acquisition of multifamily assets nationwide.
“Both Freddie Mac and NDC stepped up to the plate in light of the current unfavorable market conditions. I really commend them on identifying a good asset and giving us some very aggressive terms,” says Knight.
Whispering Winds Apartments is situated on 17.4 acres at 2902 Whispering Winds Drive, next to Highway 518 and close to Interstate 45, The Sam Houston Tollway, Texas Medical Center and NASA’s Johnson Space Center in the southeastern Houston suburb of Pearland.
The 88 percent occupied property has one-, two- and three-bedroom units averaging 900 square feet each. The larger units are designed as townhome units that feature fenced-in patios and second-story lofts. Community amenities include two pools, lighted tennis courts, a laundry center, clubroom, playground and video library.
“The borrower is going to complete a substantial renovation to both the interiors and exterior of Whispering Winds,” adds Knight. “Given the low vacancy rate in the submarket, the property should attract significant interest post-renovation.”
