ARA RAISES $15M IN JV EQUITY, $70M ACQUISITION FINANCING

HOUSTON — In the sale of five multifamily communities in Houston, ARA's Capital Markets group in Houston raised $15 million in joint venture equity and $70 million in acquisition financing. Adam Allen of ARA led the team in the transactions. Allen raised equity from a large private equity fund in the sale of the 240-unit Hermann Park Plaza. Allen represented MM Properties in the deal. Allen also raised equity from a mid-market private equity fund in the sale of the 283-unit Palms at Walnut Creek. Allen originated a 10-year acquisition loan through Freddie Mac in conjunction with KeyBank for the 171-unit Parc Royale property in Houston's Westchase District. Allen represented Allen Harrison Co. in both the Palms at Walnut Creek and Parc Royale transactions. Allen also originated a 12-year loan through Freddie Mac in conjunction with KeyBank for the acquisition of Broadstone Uptown and Broadstone West Way in Houston's Galleria submarket. Allen represented Centennial Holdings in the deal.