Dallas — Holliday Fenoglio Fowler, HFF, has arranged construction financing along with joint venture equity for the development of 33° North, a 139-unit, 427-bed student housing project at the University of North Texas in Denton.
HFF worked on behalf of the borrower, a joint venture between Fountain Residential Partners, LLC, and Crosswind Development, LLC, to secure the construction loan through American Bank of Texas. In addition, HFF assisted in securing the joint venture equity on behalf of the borrower through a private investor.
33° North is due for completion in fall 2013. The community will be the first of two student housing assets currently in development within walking distance of campus and will consist of one-, two-, three- and four-bedroom units. Amenities will include fully furnished units featuring granite countertops and 50-inch flat screen televisions in addition to a pool area and clubhouse.
The HFF team representing the borrower was led by associate director Adam Herrin. Fountain Residential Partners, together with the Dallas-based Carl Westcott Family, was founded by principals Brent Little, Jon Clayton and Trevor Tollett. The principals have built more than $1 billion in student housing developments across the country.
Crosswind Development Partners is a Dallas-based real estate investment and development firm with experience investing in multi-housing projects including development, construction and asset management.