HOUSTON—HFF has announced today that it has arranged fixed-rate financing for Preserve at Colony Lakes, a 420-unit, class A multi-housing community in Stafford, southwest of Houston.
HFF worked on behalf of the borrower, Venterra Realty (Venterra), to secure the seven-year, 3.22 percent, fixed-rate loan with a life company correspondent lender. Loan proceeds were used to acquire the asset.
Preserve at Colony Lakes was completed in 2004 and is located at 1000 Farrah Lane near the convergence of U.S. Hwy 59 and Hyw. 90 in Houston's Stafford/Sugar Land submarket. The property is approximately 20 miles southwest of downtown Houston and offers one-, two- and three-bedroom floor plans. The 93-percent-leased community features two swimming pools with hot tubs and sundecks, a state-of-the-art fitness center, barbecue/picnic area, clubhouse, recreation room with billiards, business center and garage/covered parking.
Director Cortney Cole led the HFF debt placement team representing the borrower.
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