Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged acquisition financing for ilume Park, a 240-unit, boutique apartment community in Dallas’ Oak Lawn neighborhood.
HFF worked exclusively on behalf of the borrower, Venterra Realty (Venterra), to secure the five-year, fixed-rate acquisition loan with five years of interest only payments through a life company correspondent lender. Venterra acquired ilume Park’s partner property, ilume, in conjunction with this acquisition in a non-HFF-related transaction. ilume has 316 units and is situated across from ilume Park at 4123 Cedar Springs Road.
ilume Park is located at 3109 Douglas Avenue at the intersection of Cedar Springs Road in the Oak Lawn submarket near Uptown, the medical district and downtown Dallas. The property’s one- and two-bedroom units feature granite countertops, stainless steel appliances, gray faux wood flooring, washer/dryer connections and patios or balconies. Community amenities include a 4,000-square-foot fitness and health center, massage room, tanning beds, Zen garden, two enclosed dog parks with bone-shaped dog pool and pet grooming salon.
The HFF debt placement team representing Venterra was led by managing directors Cortney Cole and Steve Heldenfels.
About Venterra Realty
Venterra Realty (Venterra) specializes in the identification, finance, acquisition and management of multifamily residential communities in the southern United States. Venterra currently manages a portfolio of approximately 17,000 multifamily units totaling more than $1.45 billion in value that generates gross annual income in excess of $180 million. The organization has completed in excess of $2.2 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs more than 500 people.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
