CHICAGO, IL – December 5, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces that CIBC Bank USA has been selected to provide $31.1 million in financing to Vermilion Development for the construction of 43 luxury condominium units and 12 townhomes at Alcove M.D.P. (https://alcovemdp.com/) in Chicago’s Wicker Park neighborhood.

Alcove will be located at 1650 West Division Street and is scheduled to break ground in the first quarter of 2019.  A seven-story condominium tower will include 43 units averaging almost 2,000 square feet.  The 12 townhomes, each with attached garages, are sized between 3,000 and 3,500 square feet.  All residences will include dedicated parking, private outdoor space, smart-home technology, hardwood floors, quartz countertops, professional-grade appliances, and full-size washers and dryers.

Located in the heart Wicker Park – one of Chicago’s hottest residential neighborhoods – Alcove is steps away from entertainment and shopping destinations as well as transportation options that provide efficient access to downtown Chicago and surrounding neighborhoods.  The project, which has a professionally landscaped courtyard and walkways, is uniquely situated between the retail corridors along Milwaukee Avenue and Division Street providing residents direct access to some of the city’s best retail and restaurants in the immediate area.

Perhaps the most compelling element of the project is its price point.  Condominium units, which include generously sized and well-designed two-, three- and four-bedroom options, start at $600,000.  The townhomes, all of which include four bedrooms, start at $1 million.  A dedicated sales center for the project is located at 1295 North Milwaukee Avenue, and pre-sales are well under way.

The HFF debt placement team representing Vermilion consists of director Christopher Knight.

“Alcove’s well-priced luxury units with thoughtful layouts and high construction quality in the heart one of Chicago’s most desirable neighborhoods make it a standout,” Knight said.  “The CIBC loan is a great execution for both the bank and Vermilion, but the project will ultimately benefit future residents most.”

DALLAS, TX – December 5, 2018 – Holliday Fenoglio Fowler, L.P. (“HFF”) announces a joint venture equity raise for the acquisition of two adjacent apartment communities in Dallas, Texas, totaling 712 units – Emory at Horizon North and Ashmore at Horizon North.

The sponsor, Archway Equities LLC, engaged HFF to source funding for the acquisition of the properties through Atlantic Creek Real Estate Partners, LLC.

Emory at Horizon North is an institutional-class property built in 1995 consisting of 14 three-story residential buildings comprising 348 units, which total 300,019 rentable square feet.  Ashmore at Horizon North was built in 1997 consisting of 16 three-story residential buildings comprising 364 units, which total 309,360 rentable square feet.

The Plano-adjacent properties are situated on a total of approximately 36 acres at 4200 and 4300 Horizon North Parkway.  The properties are immediately northwest of the President George Bush Turnpike and Dallas North Tollway in North Dallas, which provides residents easy access around the DFW metroplex.  The communities each have separate amenity packages, which include features such as resort-style pools, sports courts, picnic/grilling areas, fitness centers, business center and conference rooms.  The joint venture is planning to further enhance the amenities and renovate unit interiors in the next 24 months.

The HFF team representing Archway Equities LLC included director Michael Cosby along with senior director Mark Erland and director Matthew Benson.

CHARLOTTE, NC – December 3, 2018 – HFF announces the sale of Stonehenge Apartments, a 452-unit, garden-style multi-housing community in the North Raleigh submarket of Raleigh, North Carolina.

The HFF team marketed the property on behalf of the seller, Chicago-based Magnolia Capital.  HFF previously arranged the sale of the property to Magnolia Capital in January 2017.

The 46.6-acre apartment community is located at 7303 Hihenge Court in North Raleigh’s master planned Stonehenge neighborhood less than 10 miles from downtown. Stonehenge Apartments is minutes away from Interstates 540 and 440, providing access to Research Triangle Park, downtown Raleigh, and major employers and lifestyle centers in North Hills and Crabtree Valley.  The property is also walkable to the adjacent Stonehenge Market, a grocery-anchored shopping center that includes Harris Teeter, Starbucks and Rite Aid.  Stonehenge Apartments feature a variety of one-, two- and three-bedroom units, as well as a best-in-market range of amenities, including a 7,000-square-foot clubhouse with fitness center, indoor basketball/racquetball court, three swimming pools, grilling areas, lawn amenity space, pet wash, playground, fire pit, business center, and resident lounge with demo kitchen.  Magnolia Capital significantly upgraded common area and clubhouse spaces and renovated unit interiors.

The HFF investment advisory team representing the seller included managing directors Jeff Glenn and Justin Good, senior director Allan Lynch and director Caylor Mark.

“Stonehenge is a landmark apartment community in a submarket with little new development,” Glenn said.  “Recognizing these attributes, Magnolia Capital implemented a first-class repositioning of the asset that will benefit future ownership for years to come.”

DENVER, CO – December 3, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the financing of LakeHaus, a 200-unit, Class A apartment development located on Lake Calhoun in Minneapolis, Minnesota.

The HFF team worked exclusively on behalf of a joint venture led by Brickstone Partners Inc. and KMK Capital, in partnership with Deutsche Finance America, to secure a low-leverage, floating-rate construction loan through a national bank.  Additionally, HFF procured mezzanine financing through EverWest Real Estate Partners.  The development is anticipated to be valued at more than $119 million when complete.

LakeHaus will be a best-in-class, eight-story ‘post-tensioned concrete’ apartment building, constructed on a 1.7-acre site at 3100 West Lake Street that features two levels of subterranean parking totaling 373 spaces.  The development site is optimally situated on Lake Calhoun’s Northwest shore and in close proximity to Calhoun Commons, a Whole Foods Market-anchored shopping center.  Additionally, LakeHaus will be within walking distance to a future light rail stop and is less than five miles from downtown.  The unit mix comprises 36 studio, 85 one-bedroom and 74 two-bedroom units as well as five penthouses.  In addition to luxury finishes in each of the homes, the community will include a rooftop swimming pool and sundeck, spacious courtyards, gourmet grilling stations, an outdoor maze, top-floor clubroom, state-of-the-art fitness center, lobby with coffee bistro, guest suite and car share service along with a communal sailboat for use on the lake. Due for completion in 2020, the property will provide sweeping views of Lake Calhoun, downtown and the surrounding area.

The HFF team representing the borrower included director Kristian Lichtenfels, managing director Josh Simon, director Stella Pappas and managing director Jules Sherwood, a licensed Minnesota real estate broker.

“Our HFF team is thrilled to have had the opportunity to advise and assemble a strong foundation of capital for this landmark development and the LakeHaus development team,” Lichtenfels said.

HOUSTON, TX – November 29, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $15.3 million in financing for a 114-property residential portfolio in the Miami-Fort Lauderdale MSA.

The HFF team worked exclusively on behalf of R.O.I Capital Group, a real estate investment group focused on investing in rental housing throughout the southeastern and southwestern U.S.  The loan was facilitated through the Freddie Mac affordable SFR Pilot Program. 

The portfolio includes a mixture of single-family residences and duplex properties in the Miami-Fort Lauderdale-Pompano Beach-Deerfield Beach MSA.  Built between 1951 and 1985, most of the properties were constructed in the 1960’s, with an overall average year built of 1966.  The portfolio is more than 97 percent occupied and approximately 75 percent of the units are designated as affordable to low-income families earning 80 percent of area median income (AMI).  Approximately 90 units were affordable to families earning 90 percent of AMI and approximately 70 percent of the units have a Section 8 contract in place.

The HFF debt placement team representing the borrower consisted of director Matthew Putterman.

“This Freddie Mac loan will be used to make improvements to the portfolio and will enable R.O.I. to acquire and improve additional workforce housing properties,” Putterman said.

DENVER, CO – November 29, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces debt and equity financing totaling $23.5 million for the development of Cherokee Flats, a Class A, mid-rise building in Denver, Colorado, with 4,980 square feet of ground-level retail and 139 apartment units.

Working on behalf of the developer, LCP Development, the HFF team secured a $20.145 million, floating-rate construction loan with a regional bank.  In addition, HFF arranged $3.355 million in preferred equity.

Cherokee Flats will total 97,179 rentable square feet within an eight-story building consisting of five residential levels atop three levels of podium parking and ground-floor retail.  Situated at 2065 S. Cherokee Street, the site is bounded by the major Denver thoroughfares of S. Broadway to the east, W. Evans Avenue to the south and S. Santa Fe Drive to the west, and is a block and a half from the Evans RTD Light Rail station.  Cherokee Flats will feature a large amenity deck on level four, which will include a swimming pool and spa, firepit, barbecues, outdoor kitchen and lounge seating.  Additional amenities will include a fitness center, bike maintenance and storage room, dog run, dog wash and fifth-floor party room with expansive western views.  Completion is expected in 2020.

The HFF debt placement team representing the borrower consisted of director Leon McBroom.