AUSTIN--HFF has arranged financing for Vineyard Hills Apartments, a 202-unit, garden-style community in Austin.
HFF worked on behalf of the borrower to secure the 10-year, 3.58 percent fixed-rate loan through a life insurance company lender. Proceeds were used to refinance existing debt on the property. The loan was structured as a forward loan with the rate locked five months prior to closing.
Vineyard Hills Apartments is located at 7631 U.S. Highway 290 West near State Highway 71 in the Oak Hill area of southwest Austin. Completed in 2000, the property has one-, two- and three-bedroom floor plans ranging between 640 to 1,315 square feet each. Community amenities include a swimming pool, heated spa, clubroom and business center. The property is 96 percent leased.
Director Robert Wooten led the HFF debt placement team representing the borrower.
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