Austin, Texas — Cardinal Group Investment buys UT property.
Austin, Texas — Holliday Fenoglio Fowler (HFF) has arranged $25 million in financing for University Towers, a 184-unit, 641-bed, off-campus, dorm-style housing project serving the University of Texas in Austin. Loan proceeds were used to acquire the property for Cardinal Group Investments. The seller was Fairfield Residential. HFF placed the adjustable-rate loan with a national debt fund.
The property consists of three residential towers, a six-story, 575-space parking garage and 35,840 square feet of ground-floor retail space. The community also has a swimming pool with grills, TV lounge, game room, fitness center, computer lab, housekeeping services, laundry facilities and a 24-hour security patrol.
HFF also announced it sold two non-performing loans secured by Boardwalk at Brittain Landing near the University of Alabama in Tuscaloosa and Boardwalk at Dewberry Landing in Hattiesburg near the University of Southern Mississippi. Both properties were completed in 2008. The combined principal balance was approximately $33.4 million at the time of closing.
– Lynn Peisner