SAN FRANCISCO, CA – March 26, 2019 – HFF announces it has secured joint venture equity and financing totaling approximately $51 million for the acquisition and repositioning of Vineyard Gardens, a 180-unit multi-housing community in Santa Rosa, California.
HFF worked on behalf of newly formed Glencrest Realty Group to arrange a joint venture equity partnership with Angelo, Gordon & Co, L.P. Working on behalf of the partnership, HFF also secured a 10-year, floating-rate lease-up loan through Freddie Mac. The securitized loan will be serviced by HFF, a Freddie Mac Optigo℠ lender for Conventional Loans.
Vineyard Gardens is located at 240 Burt Street just east of U.S. 101 in Santa Rosa, which is the county seat of Northern California’s Sonoma County. The garden-style property consists of 27, two-story buildings comprising 60 one-bedroom units, 119 two-bedroom units (including 60 two-story townhomes) and one three-bedroom unit. Renovations will include upgrades to the clubhouse and leasing office, the installation of a modern package management system, new color schemes for building exteriors and modernization of select units; including appliance upgrades and the installation of contemporary cabinetry and countertops. Amenities include an expansive pool and barbeque area as well as a to-be-created “Wine Country” outdoor patio area. In addition, the community is across the street from a neighborhood park that contains a large dog run area, playground and green space.
The HFF team representing the borrower included senior managing directors Peter Smyslowski and Charles Halladay and associate Bercut Smith.
“The acquisition of Vineyard Gardens is a fitting example of the value-added strategy that Glencrest Realty Group and Angelo Gordon will be implementing in their newly formed venture,” Smyslowski said.
“Vineyard Gardens exemplifies the type of opportunistic investment Glencrest will pursue, and I’m honored by the commitment of HFF, Angelo Gordon and Freddie Mac to my new platform,” added John Adair, founding principal of Glencrest Realty Group.
