DEAL MAP

SAN DIEGO, CA – March 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $92.5 million sale of Fifty Twenty-Five, a 260-unit/942-bed, Class A luxury student housing community serving San Diego State University.

HFF marketed the asset exclusively on behalf of FPA Multifamily, LLC, and procured the buyer, Denver-based Cardinal Group Investments, LLC.

Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet with amenities, including flat-screen televisions, high-speed internet, modern furnishings, full-size washers and dryers, walk-in closets and fully-equipped kitchens.  The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage.  The property is situated less than one mile from campus at 5025 Collwood Boulevard.

The HFF team included senior managing director Sean Deasy, senior director Hunter Combs and director Scott Clifton.

“The institutional quality of this asset coupled with strong market fundamentals and exceptional enrollment growth at SDSU led to robust activity on Fifty Twenty-Five,” Combs said.  “SDSU currently receives more than 98,000 undergraduate and graduate applications per year and represents the third largest university in California, which creates a sustained demand for housing of this caliber.  The property’s amenity package is student-tailored and will continue to command top-tier rents in the marketplace.”

 

NEW YORK, NY – March 7, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured joint venture equity and construction financing for the development of https://168plymouth.com/, a 46-unit boutique condominium conversion located on the southwest corner of Plymouth and Jay Streets in DUMBO, Brooklyn.

HFF worked on behalf of the developer, Alloy Development, to arrange a joint venture with The Davis Companies.  Working on behalf of the new partnership, HFF also secured construction financing from Bank OZK.

168 Plymouth will be situated in the heart of DUMBO and down the block from its 85-acre waterfront park.  168 Plymouth will include lofts, townhouses and penthouses.  Residences will feature modern industrial design, which will both honor the history of the neighborhood and the building itself.  The project connects two of Dumbo’s last remaining classic industrial loft buildings to be developed into a single address.  The distinct styles of the two original buildings, one brick-and-timber and the other concrete with daylight factory windows, will be preserved in the design of the residences.

168 Plymouth marks Alloy’s 5th project in Dumbo.  The firm’s other award-winning projects in the neighborhood include 192 Water Street, 185 Plymouth Street, Dumbo Townhouses and One John Street.

The HFF debt and equity placement team included managing directors Christopher Peck, David Giancola and Jeff Julien, senior director Peter Rotchford and analyst Kristen Knapp.

“The thoughtful aesthetic and community focus that Alloy brings to development has helped transform DUMBO into the neighborhood it is today,” Peck said.  “It was a privilege to work with them to help identify the optimal capitalization as they add to their legacy of transformative projects in the area.”

MIAMI, FL – March 7, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $125.65 million in construction financing for the development of Uptown Boca, a mixed-use lifestyle center with residential and retail space in Boca Raton, Florida.

The HFF team worked on behalf of the development team of Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital to secure the floating-rate construction loan through Jutland Finance Inc.

Uptown Boca will be situated on a 38-acre site at Glades Road and 95th Avenue South in West Boca Raton.  The lifestyle center will encompass 456 Class A luxury apartments and 171,806 square feet of upscale retail space, which will be anchored by Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi, along with a variety of smaller retail and restaurant tenants.  The retail component is expected to deliver in summer 2019 with the residential component available in early 2020.  The property is the last undeveloped parcel located off Glades Road, which is Boca Raton’s main east/west thoroughfare and retail corridor, and also benefits from its proximity to both the East and Boca Town Center office markets, which together consist of more than 330 buildings and nine million square feet.

HFF’s debt placement team representing the developers included managing directors Elliott Throne and Steven Klein along with associate Jesse Wright.

“The sponsorship team includes an experienced institutional equity partner along with the best local developers, which allows them to understand the specific needs of the West Boca Raton community,” said Throne, who is also a Boca Raton resident. “This project will create the first livable destination lifestyle retail center that will provide a sense of place and will serve West Boca the way Mizner Park serves East Boca.”

NEWPORT BEACH, CA – February 28, 2019 – HFF announces it has secured $22.5 million in financing for the William Penn Apartments, a 189-unit, mid-rise apartment building in Los Angeles, California.

HFF worked exclusively on behalf of the borrower, Massie Capital Management, LLC, to place the five-year, floating-rate loan with a debt fund.  Loan proceeds were used to return equity to investors and provide future funding to renovate units.

Originally constructed in 1928, the William Penn Apartments is located at 2208 W. 8th Street, one block south of MacArthur Park in Los Angeles’ Koreatown neighborhood.  The property consists of newly remodeled studio floor plans within a seven-story, historic building that offers immediate access to downtown.  On-site amenities include a newly renovated courtyard with fountain, fire pits and lounge seating; a 24-hour fitness center; resident storage; bike racks; and courtesy patrol service.  The property was 94 percent occupied at closing and is currently undergoing unit renovations.

“Massie Capital focuses on identifying mispriced assets and delivering affordable, well-designed space to its tenants,” said Brian Massie, principal of Massie Capital Management.  “The William Penn’s pioneering submarket and business plan required a unique lending partner.  HFF was able to clear the market quickly and bring a closely held relationship with a lender who understood our vision for the property and provided local, accessible asset management for draw requests.”

The HFF debt placement team representing the borrower was led by director John Marshall and analyst Devon Dykstra.

“Every year market participants note that the bridge loan market is more competitive than ever and 2019 is no different,” Marshall said.  “HFF advised our client to select a lender who could provide certainty of execution and the best terms available in the market.”

 

HOUSTON, TX – February 27, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured acquisition financing for Smart Living at Stuebner Airline, a 112-unit apartment community in North Houston.

HFF worked on behalf of the borrower, TriArc Properties, to secure a five-year, floating-rate acquisition loan with three years of interest-only payments.  Rhonda J. Sands, Senior Vice President/Commercial Real Estate of Veritex Community Bank, facilitated the loan.  HFF previously assisted TriArc in September of last year with its acquisition of 4 eighty West Parker immediately south of Smart Living at Stuebner Airline.

Smart Living at Stuebner Airline is situated along Stuebner Airline Road immediately southwest of the intersection of the North Freeway (Interstate 45) and W. Little York Road, which provides nearby access to Loop 610 and Interstate 10 as well as the Houston CBD.  The 4.35-acre property was completed in 2015 and totals 81,502 rentable square feet.  Units include a mix of one-bedroom/one-bath and two-bedroom/two-bath floor plans featuring contemporary cabinetry, faux wood flooring, energy efficient windows, walk-in closets, and in-unit washers and dryers.  Common area amenities include two outdoor seating and barbecue areas as well as an open central courtyard.

“We have been operating in this submarket for the past two years with great success, which is why we decided to expand our presence here with the acquisition of this property,” said Joseph Bramante, CEO of TriArc Properties.  “It’s rare to have the opportunity to acquire neighboring properties like Smart Living and 4 eighty West Parker.  We are looking forward to taking advantage of all the synergies this will create as well as those that will be created by our award-winning operations team.  We plan to give the property a light capex update and will rebrand it to better serve the community.”

The HFF debt placement team representing the borrower was led by managing director Cortney Cole.

DALLAS, TX – February 26, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the capital stack of a six-property student housing portfolio totaling 911 units with 2,059 beds in Alabama, Florida, Michigan, New York, Pennsylvania and Texas.

HFF structured the Sharia-compliant joint venture between Vie Management and a Middle Eastern asset manager.  In addition, HFF worked on behalf of the new partnership to secure a $75.385 million, 10-year, 65 percent LTV, interest-only loan.

The properties in the portfolio are University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama; University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida; Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan; Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York; Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania; and Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas.

The HFF equity and debt placement team was led by London-based managing director Claudio Sgobba along with licensed local HFF teams in the respective markets, including managing director Matthew Schoenfeldt, a Michigan licensed real estate broker; director Scott Clifton; and senior global capital and equity placement analyst Hank Huang.

“Vie is the first and only lifestyle brand within student housing,” said Vie CEO Ari Rosenblum.  “Our objective is to continue to produce technology-rich environments where students can stream and dream, socialize and exercise, all within our best-in-class amenity driven spaces.  These acquisitions are new canvases to us; places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.”

“We are extremely excited about our new partnership given it will allow us to create value within a defensible niche,” Rosenblum continued.  “With these new acquisitions, we have taken a big first step towards our collective goal of becoming the premier student housing company in the world.”

“It was a privilege to bring together two world-class investment firms as co-owners of this diverse, multi-state, 90-percent-occupied student housing portfolio,” Sgobba said.  “We look forward to assisting this new partnership in future transactions as they grow their holdings in the student housing sector.”

 

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