WASHINGTON, D.C. – December 20, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $35 million in financing for the development of Tribeca, a 99-unit condominium development in Washington, D.C.’s NoMa submarket.

The HFF team worked exclusively on behalf of a partnership between Urban Investment Partners and United NYA to secure the floating-rate construction loan through a specialty finance company.

Tribeca, located at 39-41 New York Avenue NE, is one block from the NoMa-Gallaudet University Metro station and immediately accessible to Interstate 395 and U.S. Route 50 via New York Avenue.  The 13-story project will consist of a mix of one- and two-bedroom homes as well as three penthouses.  The for-sale residences will incorporate high-end design elements and will provide access to a complementary amenity package featuring rooftop co-working lounge space, a state-of-the-art fitness center and an expansive roof deck with designated green areas and sweeping views of the Capitol Building, the Capitol Hill neighborhood and the East End.  The project is due for completion in late 2020.

The HFF debt placement team representing the borrower included Jamie Leachman, Chris Hew, Daniel McIntyre, Jay Graham and Sue Carras.

“This development takes advantage of NoMa’s live-work-play amenities and superior connectivity to the D.C. metro that will attract buyers to a market experiencing an undersupply of for-sale residential units due to its explosive growth over the past eight years,” Leachman said.  “This was reflected through the marketing process, which yielded multiple competitive bids.  Ultimately, the winning lender provided the most compelling and flexible terms for the borrower with a seamless closing process in under 30 days.”

CHICAGO, IL – December 17, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $27.5 million in financing for Valley Lo Tower II, a 112-unit, mid-rise multi-housing community in the northern Chicago suburb of Glenview, Illinois.

The HFF team worked on behalf of The Marquette Companies and LEM Capital to secure the five-year, fixed-rate loan through Allstate Investments.  Loan proceeds were used to acquire and substantially upgrade the boutique property.

Valley Lo Tower II features large, family-friendly units, which average nearly 1,800 square feet, with amenities similar to single-family homes.  Located near Lehigh and Chestnut Avenues in the affluent Glenview community, the property combines a quiet residential setting with access to highly ranked public schools and walkability to The Glen Town Center.  Valley Lo offers a mix of 29 one-bedroom, 30 two-bedroom and 53 three-bedroom floor plans along with abundant parking in a heated garage.  Unit amenities include in-unit washers and dryers, large walk-in closets and spacious private balconies.  Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court.  Marquette’s renovation dedicates a significant portion of the budget toward making these amenities the finest in the submarket.

The HFF debt placement team representing the borrowers consisted of managing director Matthew Schoenfeldt.

“This property represents a unique opportunity to reposition a marquee asset in one of Chicago’s North Shore suburbs,” Schoenfeldt said.  “To longtime residents of the submarket, Marquette & LEM’s revitalization of Valley Lo is an absolute no-brainer.  Even if a land parcel could be secured in a similarly compelling location, the cost to construct a building of this quality inclusive of underground parking would be prohibitive.  The partnership truly has a diamond in the rough.”

Holliday Fenoglio Fowler, L.P. (HFF) announces the capitalization for the acquisition and renovation of Stone Ridge Apartments and Bristol Ridge Apartments, two apartment properties totaling 363 units in Nashville, Tennessee.

The HFF team worked on behalf of Los Angeles-based Archway Equities LLC to arrange the capitalization for the $29 million acquisition of Stone Ridge and Bristol Ridge Apartments.  The seller acquired the assets in 2012 and 2013 as distressed bank-owned assets and spent the last six years improving and stabilizing them.  The new partnership, with the help of asset managers Magma Equities and 37urban, intends to re-brand both assets and complete a renovation plan that will improve amenities and aesthetics on both properties.

Archway’s purchase of Stone Ridge and Bristol Ridge Apartments closed just days ahead of Amazon’s announcement of 5,000 new jobs in the Nashville market as well as the announcement of a new 600-employee office for Ernst and Young and AllianceBernstein’s move of its headquarters from downtown Manhattan to downtown Nashville.

Both properties are within six miles of downtown Nashville, accessible via U.S. Highway 41 and Interstates 24 and 40.  The communities are adjacent to the Murfreesboro Pike retail corridor, which provides a wide variety of shopping and dining options, and proximate to the proposed MLS Stadium at the Nashville Fairgrounds.  The area is also well-connected to public transportation and the Nashville International Airport.

The HFF equity placement team representing the sponsor included senior director Zack Holderman and analyst Daniel Pinkus.

“We are excited to enter the market with these two assets,” stated Sean Moghavem, President of Archway Equities.  “Between the $300 million, 30,000-seat MLS stadium development and the $1.2 billion airport expansion nearby, we knew it would be a strong opportunity for us.  We’re eager to find more assets here in the coming months and believe this market will continue to bear successful opportunities for us.”

“This portfolio is an excellent example of a forward-thinking sponsorship group with the capabilities and expertise to execute a complex business plan,” Holderman added.  “Nashville is an exciting market with strong fundamentals, particularly for this profile of investment, which is located in a rapidly gentrifying submarket.”

FLORHAM PARK, NJ – December 6, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented The DSF Group in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower in New Rochelle, Westchester County, New York.

The HFF team marketed the property exclusively on behalf of the seller, The DSF Group (DSF), and procured the buyers, Azure Partners and Harbor Group International, LLC.

Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95-percent-occupied, market-rate studio through three-bedroom units averaging 956 square feet.  The transit-oriented property, which has earned a Walk Score® of 97, is situated along Huguenot Street adjacent to the New Rochelle Metro North train station and is within walking distance to New Rochelle’s many shops and restaurants.  As the tallest apartment tower in Westchester County, residents enjoy panoramic views of the Long Island Sound and Manhattan skyline.  DSF purchased the property in November 2013 and implemented an amenity renovation program, including the delivery of a 40th floor, state-of-the-art sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge.  Additional amenities include a resort-style swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and nearly 6,000 square feet of on-site, ground-floor retail.

The HFF investment advisory team representing The DSF Group included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and JB Bruno, along with Andrew Scandalios.

“The asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” Cruz stated.  “Also, the ability to add value by renovating the units was a key driver for the investor pool.”

“We are very pleased with the sale of Halstead New Rochelle,” stated DSF President Josh Solomon.  “This is another successful execution of our value-add strategy to acquire and reposition transit-oriented multifamily properties in ring communities.”

SAN FRANCISCO, CA – December 6, 2018 – HFF announces the $41.05 million sale of a four-property multi-housing portfolio totaling 201 units in the Sonoma County community of Rohnert Park, California.

The HFF team marketed the property on behalf of a private investor, and procured the buyer, a private Colorado-based firm.

The assets in the portfolio are: Atherton, a 40-unit community located at 181 Avram Avenue; Brewster Ames, a 27-unit community located at 7300 Adrian Drive; Tivoli Gardens, a 29-unit community located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit community located at 8288 Lancaster Drive.  The properties have an average occupancy greater than 97 percent and provide direct access to major North Bay employers via Highway 101 and the Cotati and Rohnert Park SMART stations.  Additionally, the properties are located near numerous existing retail amenities as well as the future Rohnert Park Station Avenue, a mixed-use project that will encompass 120,000 square feet of retail and dining, 130,000 square feet of creative office, 300 apartment units, 115 for-sale townhomes and a 150-key boutique hotel.

The HFF investment advisory team representing the seller included managing director Scott Bales and director Peter Yorck.

"Investors are viewing Rohnert Park as an emerging Sonoma County market with tremendous rental upside," Bales said.  "The new owners saw that potential in this portfolio and plan to immediately undertake extensive capital improvements and unit upgrades, with a goal of repositioning the portfolio and providing best-in-class amenities to compliment the upgraded units."

SAN DIEGO, CA – December 5, 2018 – HFF announces the $4.4 million sale of 326-340 Palomar Avenue, an eight-unit, garden-style apartment community in La Jolla, California.

The HFF team represented the buyer, a private investor who purchased the asset as part of a 1031 exchange. The investor’s legal representation was provided by the law offices of J. Geoffrey Barry, Esq.

326-340 Palomar Avenue is located in the prestigious La Jolla neighborhood, just off La Jolla Boulevard near Bird Rock and Windansea Beach and less than 15 miles north of San Diego’s CBD via Interstate 5.  Originally built in 1965, the property features exclusively two-bedroom units averaging 850 square feet.  326-340 Palomar was 100 percent occupied at closing. 

The HFF investment advisory team representing the buyer consisted of senior director Hunter Combs and senior associate Trent Jemmett.