DEAL MAP

FLORHAM PARK, NJ – January 17, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $34.9 million sale of Park Square, a 159-unit, Class A apartment complex with nearly 6,000 square feet of ground-floor retail in downtown Rahway, New Jersey.

The HFF team marketed the property exclusively on behalf of seller, Roseland Residential Trust.  One Wall Partners purchased the property free and clear of existing debt.

Park Square consists of two adjacent four-story buildings completed in 2009 and 2011, which are connected by a shared courtyard.  The property’s one- and two-bedroom units average 1,163 square feet and feature condo-quality finishes such as stainless steel appliances, oversized Shaker-style cabinetry, granite countertops, full-size washers and dryers and nine-foot ceilings.  To compliment the luxury unit finishes, the property offers common area amenities, including two fitness centers, clubroom with billiards table, business lounge and controlled-access covered parking.  Located at 1 and 2 Park Square, the property is four blocks from the Rahway Train Station, which provides access into Manhattan’s Penn Station in about 40 minutes.  Park Square is also convenient to multiple highways connecting resident’s to New Jersey’s largest employment hubs.

The HFF investment advisory team representing the seller included senior managing director Jose Cruz, senior director Michael Oliver, senior managing director Kevin O’Hearn, senior director Stephen Simonelli and associate Mark Mahasky.

“Investors continue to aggressively pursue multi-housing properties within walking distance of mass transit stations as well as retail and restaurants,” Cruz said.  “Multi-housing continues to be one of the most sought-after asset classes in the state.”

 

NEWPORT BEACH, CA – January 17, 2019 – HFF announces financing totaling $72 million for Continental Gardens, Stuart Drive Apartments and Rose Gardens Apartments, three affordable apartment communities totaling 536 units in Orange County, California.

The HFF team worked exclusively on behalf of the borrower, Bertram Partners, Inc., to secure two 15-year, fixed-rate loans through Freddie Mac.  The loan for Continental Gardens is valued at $41.261 million and the loan for Stuart Drive and Rose Gardens Apartments totaled $30.744 million.  Proceeds from the securitized loans, which will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans, were used to refinance the existing debt on the properties.  Bertram Partners, or a wholly owned affiliate, has owned the properties since they redeveloped them in the mid 1980’s.

Continental Gardens is located at 8101 Cerritos Avenue in the western Orange County community of Stanton.  Originally constructed in 1963, the community’s 297 one-, two- and three-bedroom units are 99 percent occupied.  Stuart Drive Apartments is located at 11632 Stuart Drive in the northern Orange County community of Garden Grove.  Also located in Garden Grove, Rose Gardens Apartments is situated three miles southwest of Stuart Drive Apartments at 9645 Westminster Avenue.  Stuart Drive and Rose Gardens, which were developed in 1960 and 1963, total 239 one- and two-bedroom units.  The communities are operated as one property and are 99 percent occupied overall.

The HFF debt placement team representing the borrower consisted of director Jamie Kline and analyst Nicholas Lench.

SAN FRANCISCO, CA – January 16, 2019 – HFF announces the $48.64 million financing for the development of The Morgan at Bay Meadows, an 82-unit, Class A multi-family project in San Mateo, California.

The HFF team worked on behalf of the developer, an affiliate of Stockbridge Capital Group and Wilson Meany, to secure the floating-rate construction loan through Union Bank.

The Morgan at Bay Meadows is situated to the southwest of the U.S. 101 and Highway 92 interchange, which positions it midway between San Francisco and Silicon Valley.  The transit-oriented property is just north of the Hillsdale Caltrain station within the pedestrian-friendly Bay Meadows master-planned community, which will feature approximately 1,100 residential units, 780,000 square feet of office space, 18 acres of parks, a new private high school and 40,000 square feet of retail once complete.

The Morgan at Bay Meadows will consist of 82 luxury units located above a single-story, below-grade secured parking garage. Amenities will include a central entertaining and gathering space with an entertaining kitchen, library and game room; a lushly landscaped courtyard with outdoor entertaining area; fitness and meditation studio; storage facilities; bike storage; and park views.  Units will include a mix of two- and three-bedroom homes averaging more than 1,500 square feet.  The project is expected to be delivered in the summer of 2020.

The HFF debt placement team representing the developer included senior managing director Bruce Ganong, senior director Chris Gandy and analyst Bercut Smith.

“The Morgan will be an excellent addition to the other successful residential communities developed by Stockbridge and Wilson Meany at Bay Meadows,” Ganong said.  “The interest in the construction loan was extensive and numerous lenders competed for the opportunity to work with the developer. HFF is thrilled to have been involved in another phase of this transformative project."

HOUSTON, TX – January 16, 2019 – HFF announces the sale and acquisition financing for Winding Trails, a 438-unit, garden-style apartment community in Southwest Houston.

The HFF team marketed the property exclusively on behalf of the seller, One Real Estate Investment.  GVA Real Estate Group purchased the asset free and clear of existing debt.  In addition, HFF’s debt placement team worked on behalf of the new owner to secure acquisition financing through Ready Capital Structured Finance.

Winding Trails is located at 10330 Wilcrest Drive near Beltway 8 and Interstate 69, which provides connectivity to Houston’s largest employment centers.  The nearly 14-acre property was originally developed in 1979 and encompasses a mix of one-, two- and three-bedroom units averaging 803 square feet with a range of amenities, including country kitchens with pass-through bars, wood plank flooring, oversized walk-in closets, washer and dryer connections, and private patios or balconies.

The HFF investment advisory team representing the seller included directors Joey Rippel and Chris Young and analyst Bailey Crowell.

HFF’s debt placement team representing the new owners was led by managing director Robert Wooten and director Michael Johnson.

“Assets like Winding Trails that have provable value-add potential remain limited in Houston and continue to be a draw for opportunistic buyers,” Rippel said.  “True value-add is an opportunity that smart buyers can’t pass up.”

 

DENVER, CO – January 15, 2019 – HFF announces the $23.45 million refinancing of The Standard, a 134-unit apartment community in Scottsdale, Arizona.

The HFF team worked on behalf of the borrower, The Sunset Group, to secure the 10-year, fixed-rate loan through Freddie Mac.  The securitized loan, which is being used to replace existing construction financing, will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

The Standard is located at 6811 E. Main Street at the entrance of the Hotel Valley Ho, a Frank Lloyd Wright-inspired, Four Diamond hotel.  Completed in 2016, the community is situated within Old Town Scottsdale’s Arts District, which places it within walking distance to more than 100 art galleries, boutiques and five-star restaurants.  In addition to the core location, The Standard’s amenities include a resort-style swimming pool with an outdoor kitchen, private cabanas, rooftop terrace, state-of-the-art fitness center, contemporary clubhouse and access to Hotel Valley Ho’s on-site amenities.  Units feature quartz countertops, stainless steel appliances, wood or ceramic wood-plank flooring, nine-foot ceilings, and full-sized washers and dryers.

The HFF debt placement team representing the borrower included managing director Josh Simon, senior director Brad Miner and director Matthew Stewart.

“HFF was an invaluable resource in helping us execute on our financing needs,” said JL Singer, principal and senior vice president at The Sunset Group.  “We look forward to leveraging HFF’s indispensable offerings and growing our portfolio together.”

DENVER, CO – January 15, 2019 – HFF announces the $23.45 million refinancing of The Standard, a 134-unit apartment community in Scottsdale, Arizona.

The HFF team worked on behalf of the borrower, The Sunset Group, to secure the 10-year, fixed-rate loan through Freddie Mac.  The securitized loan, which is being used to replace existing construction financing, will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

The Standard is located at 6811 E. Main Street at the entrance of the Hotel Valley Ho, a Frank Lloyd Wright-inspired, Four Diamond hotel.  Completed in 2016, the community is situated within Old Town Scottsdale’s Arts District, which places it within walking distance to more than 100 art galleries, boutiques and five-star restaurants.  In addition to the core location, The Standard’s amenities include a resort-style swimming pool with an outdoor kitchen, private cabanas, rooftop terrace, state-of-the-art fitness center, contemporary clubhouse and access to Hotel Valley Ho’s on-site amenities.  Units feature quartz countertops, stainless steel appliances, wood or ceramic wood-plank flooring, nine-foot ceilings, and full-sized washers and dryers.

The HFF debt placement team representing the borrower included managing director Josh Simon, senior director Brad Miner and director Matthew Stewart.

“HFF was an invaluable resource in helping us execute on our financing needs,” said JL Singer, principal and senior vice president at The Sunset Group.  “We look forward to leveraging HFF’s indispensable offerings and growing our portfolio together.”

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