Friday, April 29, 2011

HFF arranges $25.87 million in agency financing for multi-housing community across from Texas Tech

DALLAS, TX – HFF announced  that it has arranged $25.87 million in financing for The Suites at Overton Park (top left photo) a 298-unit multi-housing community across from Texas Tech’s campus in Lubbock, Texas.

HFF worked exclusively on behalf of the borrower, McDougal Companies, to secure the five-year fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds retired construction debt that HFF had arranged for the property in December 2007.

The Suites at Overton Park is situated on 5.8 acres at 2300 Glenna Goodacre Boulevard adjacent to Texas Tech and Jones AT&T Stadium in Lubbock.  Completed in 2008, the four-story property features a parking garage, resort-style swimming pool, walking track, media room, fitness center, technology center, multi-media room and laundry facilities.   The Suites at Overton Park is 99 percent leased.

 The HFF team representing McDougal Companies was led by senior managing director Mona Carlton (middle right photo).

McDougal Companies was founded in 1982 and today includes three separate divisions; McDougal Properties, McDougal Realtors and McDougal Construction, which are focused on multifamily housing, real estate and construction in west Texas.

Mona K. Carlton, HFF Senior Managing Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

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