Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing totaling $46.2 million for Summer Meadows and Summers Crossing, two garden-style multi-housing communities totaling 683 units in Plano, Texas.
HFF worked exclusively on behalf of the borrower, an affiliate of Milestone Apartments Real Estate Investment Trust (Milestone), to place two 10-year, fixed-rate loans with Lincoln Financial. Loan proceeds were used to refinance existing debt on the properties.
Summer Meadows is situated on 21.62 acres at the southeast corner of Spring Creek Parkway and Ohio Drive, just east of the $2 billion Legacy West mixed-use development. Situated on 15.71 acres, Summers Crossing is located at the corner of Preston Road and Dexter Drive to the north of the President George Bush Turnpike. Both properties provide convenient access around the Dallas-Fort Worth Metroplex via major transportation arteries, including State Highway 121, Dallas North Tollway, President George Bush Turnpike and U.S. Highway 75. Both garden-style assets offer a mix of one- and two-bedroom floor plans with a combined occupancy of approximately 95 percent. In addition to a prime location in one of Greater Dallas’ best school districts, the communities offer amenities such as clubhouses, swimming pools, hot tubs, fitness centers and covered parking.
HFF’s debt placement team representing Milestone was led by senior managing director Mona Carlton and associate director Michael Cosby.
About Milestone
Milestone is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 72 multifamily garden-style residential properties, comprising 22,546 apartment units that are located in 14 major metropolitan markets throughout the southeast and southwest United States. Milestone is the largest real estate investment trust listed on the TSX focused solely on the United States multifamily sector. The REIT operates its portfolio through its internal property management company, Milestone Management, LLC, which has approximately 1,500 employees and manages more than 50,000 apartment units across the United States. Based in Dallas, Texas, TMG Partners, L.P., an affiliate of The Milestone Group, LLC, is the external asset manager of the REIT. For more information, please visit www.milestonereit.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
