HFF Secures $15.5M Refinancing for Three Lubbock Apartment Communities

LUBBOCK, TEXAS — HFF has secured refinancing totaling $15.5 million for three apartment communities in Lubbock known as Stone Lake, Savannah Oaks and The Fountains. Working on behalf of the borrower, HFF placed three separate 10-year loans through Lincoln Financial Group. Each loan has a fixed interest rate with five years of interest-only payments. The communities total 480 units and feature swimming pools, grilling/picnic areas, 24-hour fitness centers, business centers and dog parks. Stone Lake is a 162-unit complex located at 7414 Elgin Ave. Savannah Oaks is located at 5204 50th St. and includes 150 units. The Fountains is located at 5001 Chicago Ave. and includes 168 units. All three were 97 percent occupied at the time of sale. De’On Collins and John Brownlee led HFF’s debt placement team.