Texas + Finance | January 14, 2021

HSF Closes Loan on Apartment Build Near Corpus Christi

Dallas-based HALL Structured Finance (HSF) closed a new first-lien construction loan totaling $15.5 million to finance the development of a 144-unit apartment complex in Gregory, 10 miles outside Corpus Christi. The project developer is Tim Torno with Torno Properties, LLC and his LP partner Cleburne Oaks GP.

“We expect this apartment complex to fill a void in the community and be a property that will thrive in this growing market,” said Mike Paynes, president of HSF.

The complex will include seven three-story garden-style buildings featuring stainless steel appliances, granite countertops, wood cabinetry, walk-in closets, and in-unit storage. Most will have their own private patios.

The immediate area is currently experiencing billions of dollars of investments in industrial growth with complexes such as the new ExxonMobil plant, expected to be completed in 2022.

Elad Dattelkramer, co-founder of ARC Israel, sourced the financing for the project.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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