September 27, 2016
HFF secured financing for partners Nicola Wealth Management Ltd. and Venterra Realty for the purchase of the 370-unit Coles Crossing in Cypress, TX. The seven-year loan helped drive the JV’s acquisition of the multifamily property from RAIT Residential of Philadelphia.
The dollar amount of the recent transaction between RAIT and Venterra was not disclosed. The Harris Central Appraisal District assessed the 94%-occupied property at $36.6 million.
Coles Crossing was built in 2003 by Alliance Residential. Situated on 35 acres at 12500 Barker Cypress Rd., approximately 26 miles from downtown Houston, the property offers one, two, and three-bedroom units.
Cortney Cole with HFF led the team that secured the loan, which carries an interest rate of 3.2% for the initial seven-year term. The financing also includes three years of interest-only payment, followed by a 30-year amortization.
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