DALLAS—Harbor Group International of Norfolk, VA, will pay $151 million for the acquisition of 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.
CBRE Capital Markets' Debt & Structured Finance team arranged financing for the deal in the form of a total of nine loans 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, located at 1330 MacArthur Drive, Carrollton, TX – 238 units. CBRE arranged a $17.2 million first mortgage loan. Closing Date: November 3, 2014.
• Carrington Park Apartments, located at 3001 Communications Parkway, Plano, TX – 364 units. CBRE arranged a $36.2 million first mortgage loan. Closing Date: October 31, 2014.
• Fossil Hill Apartments, located at 5700 North Beach Street, Haltom City, TX – 216 units. CBRE arranged a $12.0 million first mortgage loan. Closing Date: October 31, 2014.
• Huntington Glen Apartment Homes, located at 2900 Harwood Road, Bedford, TX – 224 units. CBRE arranged an $11.3 million first mortgage loan. Closing Date: November 3, 2014.
• Sunset Oak Apartments, located at 3550 Timberglen Road, Dallas, TX – 320 units. CBRE arranged a $19.7 million first mortgage loan. Closing Date: November 3, 2014.
• Cypress Lake, located at 555 Butterfield Road, Houston, TX – 216 units. CBRE arranged a $14.9 million first mortgage loan. Closing Date: November 3, 2014.
• Milano Apartments, located at 2500 Woodland Park Drive, Houston, TX – 330 units. CBRE arranged a $32.6 million first mortgage loan. Closing Date: October 31, 2014.
• Tall Timbers, located at 501 Sycamore Lane, Euless, TX – 216 units. CBRE arranged a $3.4 million supplemental loan. Closing Date: November 20, 2014.
• Villas at Waterchase, 165 N. Old Orchard Lane, Lewisville, TX – 244 units. CBRE arranged a $4.0 million supplemental loan. Closing Date: November 20, 2014.
The loans were facilitated by Charles Foschini in collaboration with his partners Christopher Apone and Christian Lee of CBRE's Miami office.
“This transaction is an exceptional example of what CBRE's platform has to offer,” said Foschini. “CBRE's Miami office collaborated with the investment sales and debt teams in CBRE's Dallas office to coordinate the loans. The Harbor Group is a fantastic buyer and completed the due diligence in a timely manner, which allowed Freddie Mac to commit and close the loans under very delicate time frames, ahead of schedule, in each of the three tranches of loans provided. The loans were aggressive both in terms of proceeds and terms material to a portfolio of this size and difficulty.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
