DEAL MAP

WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announces the $62.3 million sale of Bennington Crossings, a 308-unit, garden-style multi-housing community in Alexandria, Virginia.

The HFF team marketed the property exclusively on behalf of the seller, JBG SMITH, and procured the buyer, Morgan Properties.

Bennington Crossings is situated on 13.1 acres at 441 N. Armistead Street inside the Capital Beltway (Interstate 495) and just off Interstate 395.  Positioned two miles north of the Van Dorn Metrorail station, the property is highly accessible to major employment centers at Mark Center, Arlington, Tysons and Washington, D.C. as well as countless dining, entertainment and recreation attractions in the D.C. Metro, including Old Town Alexandria, Shirlington, the Rosslyn-Ballston Corridor, Crystal City and Pentagon City.  The property consists of 22 three- and four-story residential buildings containing a mix of one-, two- and three-bedroom units averaging 943 square feet.  Community amenities include a swimming pool with sundeck, playground, fitness center and an on-site DASH bus stop.

The HFF team representing the seller included Walter Coker and Brian Crivella.

“Given the tremendous activity in the Alexandria submarket and Northern Virginia, Bennington Crossings presented an ideal value-add opportunity for the buyer,” Coker said.

 

WASHINGTON, D.C. – September 19, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $49.56 million in financing for BullHouse, a 305-unit, luxury apartment community in downtown Durham, North Carolina.

The HFF team worked exclusively on behalf of the borrower, Lantower Residential, to arrange an acquisition loan through New York Life Real Estate Investors.

Located at 504 East Pettigrew Street, BullHouse is adjacent to the Durham Freeway (Highway 147) and steps from the Durham Performing Arts Center, American Tobacco Campus and Durham Bulls Athletic Park.  The property’s central, amenity-rich location and direct freeway access provides convenient access to multiple employment centers around Durham, Raleigh and the Research Triangle.  BullHouse features modern studio, one-, two- and three-bedroom units with contemporary finishes, including designer kitchens with quartz countertops and stainless-steel appliances; hardwood-style flooring, energy efficient windows, full-sized washers and dryers, custom walk-in closets, balconies and skyline views of downtown Durham.  Community amenities include a saltwater pool, outdoor kitchen, yoga room, spa room, rooftop terrace, gather room with catering kitchen, dog spa, local art gallery with purchasing options, café with coffee station and huddle room with multimedia capabilities.

The HFF debt placement team representing the borrower consisted of senior directors Jamie Leachman and Roger Edwards.

“We are seeing more and more activity in the pre-stabilized multi-housing space both with acquisitions and refinancing,” Leachman said.  “New York Life Real Estate Investors was fantastic to work with by providing Lantower with extremely competitive terms to facilitate the expansion of its portfolio within the Southeast.”

 

SAN FRANCISCO, CA – September 17, 2018 – HFF announces $113.5 million in financing for a 12-property, 455-unit multi-housing portfolio with 13 ground-floor retail suites in San Francisco, California.

The HFF team worked on behalf of the borrower, Mosser Capital (Mosser), to secure the six-year (including extension options), floating-rate loan through an affiliate of Walton Street Capital, L.L.C.  The loan included interest-only payments through the first five years of the term.

The properties in the portfolio are: 775 Geary (36 units), 1029 Geary (58 units), 17 Decatur (8 units), 840 Van Ness (50 units), 2360 Van Ness (21 units), 245 Leavenworth (48 units), 305 Hyde (38 units), 347 Eddy (40 units), 371 Turk (25 units), 575 O’Farrell (47 units), 618 Bush (38 units) and 891 Post (46 units).  All properties are near mass transit, employment and retail amenities in the highly desirable Civic Center, South of Market, Chinatown and Russian Hill submarkets.

The HFF debt placement team representing the borrower included senior managing director Peter Smyslowski and associate Bercut Smith.

“The sound economic fundamentals of this multi-housing portfolio and the San Francisco market attracted a diverse array of domestic and foreign capital providers,” Smyslowski said.  “Mosser could not have been more impressed by Walton Street’s expert loan execution.”

 

CHARLOTTE, NC – September 13, 2018 – HFF announces the sale of and joint venture equity for a land site totaling 48.33 gross acres (approximately 15.75 usable acres) within the Shiloh Crossing development in Morrisville, North Carolina.

The HFF team marketed the property on behalf of the seller, Shiloh Morrisville, LLC.  Dominion Realty Partners (DRP) purchased the site for $7.35 million.  Additionally, the HFF team worked on DRP’s behalf to arrange joint venture equity for the development of a 318-unit multi-housing community planned for the site.

The planned community, Residences at Shiloh Crossing, will be situated along Shiloh Glenn Drive and Lower Shiloh Way at the crossroads of Highway 540 and Highway 54/Chapel Hill Road in Morrisville.  Due for completion in 2019, the property’s accessibility to major transit corridors will offer unmatched connectivity to Raleigh-Durham’s most concentrated employment nodes, including the R&D-focused Research Triangle Park and surrounding Perimeter Park and Imperial Center.  The property will consist of six apartment buildings encompassing a mix of one-, two- and three-bedroom units averaging 915 square feet.  Unit amenities will include nine-foot ceilings, quartz countertops, ENERGY STAR® appliances, in-unit washers and dryers, walk-in closets, and balconies or patios.  Community amenities will include a resident clubhouse with Wi-Fi access, 24-hour fitness center, yoga room, game room, coffee bar, dog park, open green space for outdoor activities, resort-style swimming pool with sundeck, grilling area and walking-distance access to nearby retail and dining.  Residences at Shiloh Crossing will be designated by NAHB’s Green Building Standards.

The HFF investment advisory team representing Shiloh Morrisville LLC consisted of managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Sarah Godwin.

HFF’s equity placement team representing DRP consisted of managing director Justin Good, senior managing director Travis Anderson and senior director Roger Edwards.

CHARLOTTE, NC – September 13, 2018 – HFF announces the sale of and joint venture equity for a land site totaling 48.33 gross acres (approximately 15.75 usable acres) within the Shiloh Crossing development in Morrisville, North Carolina.

The HFF team marketed the property on behalf of the seller, Shiloh Morrisville, LLC.  Dominion Realty Partners (DRP) purchased the site for $7.35 million.  Additionally, the HFF team worked on DRP’s behalf to arrange joint venture equity for the development of a 318-unit multi-housing community planned for the site.

The planned community, Residences at Shiloh Crossing, will be situated along Shiloh Glenn Drive and Lower Shiloh Way at the crossroads of Highway 540 and Highway 54/Chapel Hill Road in Morrisville.  Due for completion in 2019, the property’s accessibility to major transit corridors will offer unmatched connectivity to Raleigh-Durham’s most concentrated employment nodes, including the R&D-focused Research Triangle Park and surrounding Perimeter Park and Imperial Center.  The property will consist of six apartment buildings encompassing a mix of one-, two- and three-bedroom units averaging 915 square feet.  Unit amenities will include nine-foot ceilings, quartz countertops, ENERGY STAR® appliances, in-unit washers and dryers, walk-in closets, and balconies or patios.  Community amenities will include a resident clubhouse with Wi-Fi access, 24-hour fitness center, yoga room, game room, coffee bar, dog park, open green space for outdoor activities, resort-style swimming pool with sundeck, grilling area and walking-distance access to nearby retail and dining.  Residences at Shiloh Crossing will be designated by NAHB’s Green Building Standards.

The HFF investment advisory team representing Shiloh Morrisville LLC consisted of managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Sarah Godwin.

HFF’s equity placement team representing DRP consisted of managing director Justin Good, senior managing director Travis Anderson and senior director Roger Edwards.

WASHINGTON, D.C. – September 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $12.8 million in acquisition financing for Columbus Park Apartments, a seven-story, 37-unit boutique apartment property in Hoboken, New Jersey.

The HFF team worked exclusively on behalf of the borrower, Spirit Bascom Ventures, to arrange the three-year, floating-rate loan with two one-year extension options.  Details of the sale of the property, which HFF’s investment advisory team marketed to Spirit Bascom, were released in a separate announcement.

Columbus Park Apartments encompasses a mix of studio, one- and two-bedroom units, many with loft or duplex layouts.  In addition, the property includes a 37-space secured parking garage and a detached three-story townhome unit with a private garage parking space and roof deck.  Columbus Park Apartments is located at 1024 Clinton Street, one block from Columbus Park, which includes picnic areas, a dog park, ball fields and playgrounds.  The property is also located along the bus route to Port Authority, which provides residents with direct commuter access to Manhattan.

The HFF debt placement team representing the borrower included senior director Jamie Leachman and managing director Michael Klein.

“The borrower has a strong business plan that includes renovating individual units, common areas and the exterior of the building, which will enable it to compete with a lot of newer product currently available and coming online in Hoboken at a lower price point,” Klein stated.  “The already highly occupied building will be well received by existing and future tenants in an extremely tight multifamily market with just 4.6 percent vacancy.”

“This transaction was a true team effort on both the sales and debt side for HFF, and it was a privilege to assist in the capitalization of this acquisition for Spirit,” Leachman added.  “The broad marketing process yielded extremely competitive debt terms offering the borrower flexibility to execute on their value-add strategy.”

 

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