HFF Secures $24M Loan for Alexan Galleria Acquisition

AUSTIN-HFF, working on behalf of Christopher Commercial Inc., arranged a $24.3 million loan for acquisition of the 309-unit Alexan Galleria from Trammell Crow Residential. The 3.23%, fixed-rate loan helped the local investor make its first multifamily property buy, which now operates under the name Avanti Hills.

According to HFF senior managing director Douglas Opalka, while lenders didn’t exactly don the boxing gloves to fight for the right to finance the property at 12601 Bee Cave Pkwy., it was, in his words, a “hotly contested deal.” “We did a full survey of the market, including Fannie Mae, Freddie Mac and the life insurance companies,” says Opalka, who led the HFF team representing the borrower. Ultimately, Federal Home Loan Mortgage Corp., better known as Freddie Mac, ended up providing the securitized loan, which HFF will service through its Freddie Mac Program Plus Seller/Servicer program.