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12/10/14
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Harbor Group International of Norfolk, Virginia recently acquired The England Group Portfolio, a 2,368-unit multifamily portfolio consisting of nine institutional-quality assets, in some of the most sought-after submarkets in the Dallas/Fort Worth and Houston areas. The transaction was funded with $151 mil in financing arranged by CBRE Capital Markets’ Debt & Structured Finance team.
A total of nine loans were provided in three separate closings. Freddie Mac provided seven new mortgages, each with a seven-year term and a floating interest rate. In addition, Freddie Mac provided two supplemental loans on two of the assets, each with a 7.58-year term and a fixed rate, in conjunction with the approval of the first mortgage assumptions on those assets.
The properties included in the transaction were:
• Briarcrest Apartment Homes: 238 units located at 1330 MacArthur Drive, Carrollton, TX financed with a $17.2 mil first mortgage loan.
• Carrington Park Apartments: 364 units located at 3001 Communications Parkway, Plano, Texas financed with a $36.2 mil first mortgage loan.
• Fossil Hill Apartments: 216 units located at 5700 North Beach Street, Haltom City, Texas financed with a $12 mil first mortgage loan.
• Huntington Glen Apartment Homes: 224 units located at 2900 Harwood Road, Bedford, Texas financed with an $11.3 mil first mortgage loan.
• Sunset Oak Apartments: 320 units located at 3550 Timberglen Road, Dallas, Texas financed with a $19.7 mil first mortgage loan.
• Cypress Lake: 216 units located at 555 Butterfield Road, Houston, Texas financed with a $14.9 mil first mortgage loan.
• Milano Apartments: 330 units located at 2500 Woodland Park Drive, Houston, Texas financed with a $32.6 mil first mortgage loan.
• Tall Timbers: 216 units located at 501 Sycamore Lane, Euless, Texas financed with a $3.4 mil supplemental loan.
• Villas at Waterchase: 244 units located at 165 N. Old Orchard Lane, Lewisville, Texas financed with a $4 mil supplemental loan.
The loans were facilitated by Charles J. Foschini in collaboration with his partners Christopher Apone and Christian Lee of CBRE’s Miami, Florida, office.
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