HFBE Closes $100 Million Real Estate Investment

HOUSTON, TX – May 6, 2010   HFBE Capital, L.P., an affiliate of Howard Frazier Barker Elliott, Inc. (“HFBE”), recently announced the completion of a $100 million dollar private placement. This deal is one of the largest such real estate investments this year.

David S. Kulkarni, Senior Managing Director, headed up the HFBE team, advising Summit Housing Partners, LLC, a Montgomery, Alabama-based firm which is focused on creating desirable, affordable, and workforce residential communities. Summit owns and operates 85 such communities in nine states comprising about 13,000 apartment units. This funding, plus additional funding from Freddie Mac, Fannie Mae, and FHA, will enable Summit to acquire approximately $250 million in additional properties, mainly in the southeast and as far west as Texas.

Through HFBE’s relationships with a diverse group of capital providers, Kulkarni was able to secure funding for Summit from a large private equity institutional investor based in New York.

Over the last several years, the HFBE real estate team has successfully completed over $300 million of private placements of equity to finance over $1 billion dollars of real estate acquisitions and developments. HFBE also provides a broad range of financing, advisory, and investment services to real estate operating and development companies. Specific services provided include fairness opinions, strategic alternative assessments, corporate valuations and mergers and acquisitions advisory services. HFBE has the experience and expertise to match the client’s objectives with the most appropriate equity capital in the marketplace as it has well-established relationships with institutional investors, private equity funds, real estate investment firms, pension funds, and opportunity funds throughout the country.

About HFBE
Headquartered in Houston, Texas with a full-service office in Dallas, Howard Frazier Barker Elliott, Inc. was formed in September 1991 by its four principals. In September 1999, a broker/dealer affiliate named HFBE Capital, LP was formed to institutionalize the company’s commitment to providing investment banking services. HFBE has since earned a reputation as the premier valuation firm with the added ability to provide innovative, strategically advantageous investment banking solutions including mergers, acquisitions, and private placements.

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Real Estate Investment Banking
David Kulkarni
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