Holliday Fenoglio Fowler, L.P. (HFF) of Dallas arranged financing for two garden-style multi-housing communities in Plano totaling $46.2 million.
Named ‘Summer Meadows’ and ‘Summers Crossing’, there will be 683 units.
HFF worked on behalf of the borrower, an affiliate of Canada based Milestone Apartments Real Estate Investment Trust (Milestone), to place two 10-year, fixed-rate loans with Lincoln Financial. Loan proceeds were used to refinance existing debt on the properties. HFF’s debt placement team representing Milestone was led by senior managing director Mona Carlton and associate director Michael Cosby.
- Summer Meadows is situated on 21.62 acres at the southeast corner of Spring Creek Parkway and Ohio Drive, just east of the $2 billion Legacy West mixed-use development.
- Summers Crossing is situated on 15.71 acres and located at the corner of Preston Road and Dexter Drive to the north of the President George Bush Turnpike.
Both properties provide convenient access to State Highway 121, Dallas North Tollway, President George Bush Turnpike and U.S. Highway 75.
The garden-style assets will offer a mix of one- and two-bedroom floor plans with a combined occupancy of approximately 95 percent. In addition to a prime location in one of Greater Dallas’ best school districts, the communities will offer amenities such as clubhouses, swimming pools, hot tubs, fitness centers and covered parking.
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