HFF secures $5.2 million refinancing for Chappell Oaks Apartments in Belton, Texas

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured a $5.2 million refinancing for Chappell Oaks Apartments, a 120-unit, Class A multifamily community in Belton, Texas.

HFF director Cortney Cole worked exclusively on behalf of the borrower, Chappell Hill Equity IV, Ltd. in arranging the 10-year, 5.75% fixed-rate loan through Wachovia Multifamily Capital, Inc. FNMA. Proceeds from the loan were used to retire the existing debt that was maturing.

Chappell Oaks Apartments is located on 12.8 acres at 200 Lake Road in northwest Belton (approximately mid-way between Dallas and Houston) close to the junction of Interstate Highway 35 and US Highway 190, as well as the Fort Hood Military Reservation, University of Mary, Hardin at Baylor and Texas A&M University College of Medicine. Completed in 1998, the property is 98% leased and features one-, two- and three-bedroom units averaging 1,076 square feet each. Community amenities include a controlled access gate and swimming pool with hot tub as well as detached and attached parking garages.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.