CHARLOTTE, NC – November 28, 2018 – HFF announces the sale and financing of an eight-property multi-housing portfolio totaling 2,883 units in various high-growth submarkets within North Carolina’s Research Triangle.

The HFF team marketed the offering on behalf of the seller, and procured the buyer, a Carroll Organization joint venture.  Additionally, HFF’s debt placement team worked on behalf of the new owners to arrange floating-rate acquisition loans for six of the eight communities through Freddie Mac’s CME Program.  The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

The properties in the portfolio are: Oaks at Weston in Morrisville; Meadows at Kildaire in Cary; The Reserve at Lake Lynn, Woodland Court, Walnut Creek and Spring Forest Apartments in Raleigh; Copper Mill in Durham; and The Crest at West End in Carrboro.  Units average 962 square feet overall and the average year of completion for the portfolio is 1990.  The portfolio’s location within the Research Triangle positions it within the path of sustainable job growth from the region’s innovation-based economy, which is anchored by three research universities – Duke University, the University of North Carolina at Chapel Hill and North Carolina State University.  Financing was secured for Oaks at Weston, Meadows at Kildaire, The Reserve at Lake Lynn, Woodland Court, Walnut Creek and Copper Mill.

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

HFF’s debt placement team representing the new owner included managing director Elliott Throne, senior director Roger Edwards, senior managing director Ed Coco and associate Ware Shipman.

DENVER, CO – November 28, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $9.52 million in financing for King Street Apartments, a newly built, 29-unit/94-bed apartment property net leased to Regis University in Denver, Colorado.

The HFF team worked exclusively on behalf of the borrower, a joint venture between Urban Fabric Denver and Slipstream Properties, to secure the 10-year, 4.56 percent, fixed-rate loan through a national bank.  The loan features two years of interest-only payments followed by a 30-year amortization schedule.  The borrower assembled the development site, secured a long-term net lease from Regis University and developed the property with Regis' input on property design and construction.

King Street Apartments consists of a five-story, podium-style building containing a total of 94 bedrooms and 94 bathrooms in a variety of one- through four-bedroom furnished floor plans with shared central living rooms and kitchens.  Unit amenities include quartz countertops, nine- and ten-foot ceilings, in-unit washers and dryers, and key fob entry.  Completed earlier this year, the Class A property features a courtyard, grilling area, fire pit, conference room and study areas and is equipped with 44 parking spaces, 42 of which are covered.

The property is located approximately four miles from downtown and just half of a block from Regis’ main campus at 4923-4935 King Street in Denver’s Berkeley neighborhood.  Situated north of the Lowell Boulevard exit off Interstate 70, the property provides easy access to dining and nightlife along Tennyson Street as well as numerous recreational activities, including Willis Case Golf Course, Rocky Mountain Lake Park, Berkeley Lake, Creekside Park, Inspiration Point Park, Sloan’s Lake Park, Berkeley Dog Park and Lakeside Amusement Park.

The HFF debt placement team representing the borrower included director Kristian Lichtenfels and associate Tyler Dumon.

SAN DIEGO, CA – November 27, 2018 – HFF announces construction financing and joint venture equity for the development of Persea, a 305-unit, garden-style multi-housing community the San Diego-area city of Vista, California.

The HFF team arranged the joint venture partnership between LLJ Ventures and Orion Pacific Investments, LLC and secured a $54 million construction loan with Bank OZK.  

Persea is located at 1333 North Santa Fe Avenue in the heart of North County San Diego.  The property has superior connectivity to the surrounding communities of Carlsbad, Oceanside, San Marcos, Camp Pendleton and Escondido, as well as downtown San Diego, via direct access to State Route 78, which connects to the 5 and 15 Freeways.  Additionally, the transit-oriented community is within walking distance of two Sprinter light rail stations.  Persea is served by a variety of neighborhood retail and grocer amenities located at Downtown Vista Village and Del Oro Marketplace, among others.  Upon completion, Persea will feature three-story garden apartment buildings with studio, one- and two-bedroom units.  Planned community amenities include a clubhouse and game room; a resort-style pool with cabanas, fire pits and gas bbq grills; cabana-style lounge; two-level gym with an outdoor component; a group-fitness and yoga studio; and a roof deck and lounge.  

“We are excited to build a community in Vista that respects the city’s rich history, while also paying homage to the Vista of today - a burgeoning craft-brewing culture, a knowledge economy, an arts community and an entrepreneurial ethos that makes Vista the jewel of North County,” said Jeremy Meredith, Managing Partner, Orion Pacific.  “We are grateful for HFF’s leadership, expertise, and access to capital that brings together best-in-class financial sources including LLJ Ventures and Bank OZK.”

“Given San Diego’s housing deficit, and Vista’s flourishing population, we look forward to creating an environment that results in rich and authentic experiences for residents,” said Leonardo Simpser, Managing Director, LLJ Ventures.  “Persea will accomplish this by having the best amenities in the market and by curating activities around them that build community and create priceless memories.”

The HFF debt placement team representing the borrower included senior director Patrick Burger and senior associate Olga Walsh.

WASHINGTON, D.C. – November 20, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $31 million in financing for Province Springs, a 160-unit, 55+ age-restricted luxury independent living community in Colorado Springs, Colorado.

The HFF team worked exclusively on behalf of the borrower, Paxion Real Estate Holdings, an affiliate of The Wolff Company, to secure floating-rate bridge financing.  Loan proceeds were used to retire existing construction financing.

Province Springs is located at 2960 Tutt Boulevard just east of multiple retail and entertainment amenities along N. Powers Boulevard and just north of Peterson Air Force Base and Colorado Springs Airport.  Completed earlier this year, the property encompasses a mix of studio, one- and two-bedroom units averaging 810 square feet.  Units feature high-end finishes, including granite countertops, stainless steel appliances, tile backsplashes, Shaker-style cabinetry, floor-to-ceiling windows, plank flooring, custom walk-in closets, in-unit washers and dryers and private patios.  Province Springs also features best-in-class wellness services and community amenities, including a spa, fitness studio, full-service salon, indoor saltwater pool, putting green, dog park, club room, theater room, creative studio and state-of-the-art event space, as well as culinary experiences created by Chef Beau MacMillan, which are available in the property’s restaurants, private dining room or in-home.

The HFF team representing the borrower included directors Nicole Brickhouse and Leon McBroom.

HOUSTON, TX – November 12, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $800.45 million for a 23-property multifamily portfolio consisting of 7,289 units across eight states.

The HFF team worked exclusively on behalf of Starlight Investments, a Toronto, Canada-based real estate investment and asset manager, and its closed-end fund, Starlight U.S. Multi-Family (No. 5) Core Fund (TSXV: STUS.A/STUS.U).  The loan was originated as a Freddie Mac Structured Pool Transaction with five, six and seven-year loan terms and included both fixed- and floating-rate components.  Additionally, the loan allowed ultimate flexibility with collateral release provisions and varying prepayment windows.  This transaction also took advantage of Freddie Mac’s index lock program, allowing the sponsor to lock the underlying rate several months prior to closing.  Freddie Mac’s Structured Pool Transactions target large, single-sponsor portfolios and provide enhanced structuring to meet the borrower’s specific needs.  The master note, which is secured by the cross-collateralized pool of 23 properties owned by Starlight U.S Multi-Family (No. 5) Core Fund, will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer.

The 23 Class A properties are located in the Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa markets.  The average year of construction for the portfolio is 2012, and the properties boast an average occupancy of 93 percent overall.  Nearly half of the units (47.5 percent) were financed under Freddie Mac’s Green Advantage program, which help finance energy- and water-saving improvements that help lower operating costs for buildings, keep utility costs low and protect the environment.

The HFF debt placement team representing the borrower included senior managing director Matt Kafka, managing director Campbell Roche and analysts Matthew Williamson, Tolu Akindele and Wilson Bauer.

“The Starlight U.S. Multi-Family (No. 5) Core Fund portfolio comprises 23 institutional-quality assets located in strong growth markets across the U.S.,” Kafka said.  “Given the high-performing nature of the assets and diversity of the income stream, Freddie Mac’s Structured Solutions Group was able to customize an incredibly flexible and attractive debt execution.”

“This transaction was tailored to meet the unique needs of this borrower and the complex nature of this portfolio, which is exactly the purpose of the Structured Pool Transaction offering,” said Lauren Garren, vice president of Production & Sales at Freddie Mac Multifamily.  “The Structured Solutions Group worked closely with Freddie Mac’s regional teams on this multifaceted and complex transaction, and it would not have been possible without close collaboration with our strong partners at HFF and Starlight.  We look forward to continuing to work with these partners to devise solutions to meet the needs of borrowers.”

SAN DIEGO, CA – November 8, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $14.5 million in financing for Luna Sol Apartments, a 52-unit, podium-style apartment community in Kirkland, Washington.

Working exclusively on behalf of the borrower, Magma Equities, the HFF team placed the floating-rate, condo-conversion loan with a specialty finance company.  Loan proceeds will be used to acquire, renovate and upgrade the property with the intent to sell individual units beginning in 2019.

Luna Sol Apartments (Luna Sol) is located just west of Interstate 405 at 11415 Slater Avenue NE in the Eastside neighborhood of Kirkland.  The property was originally constructed as a condominium development with residential units sitting atop separately owned ground-floor office units.  Completed in 2010, Luna Sol features large, open one- and two-bedroom floor plans averaging 843 square feet, five of which are permanently designated as affordable housing units.  Interior finishes include stainless steel appliances, glass top stoves, full-sized washers and dryers, walk-in closets, floor-to-ceiling windows and vinyl wood plank flooring.  Community amenities include a fitness center, secured lobby, underground parking and courtyard with grills and outdoor seating.  The property was 98 percent occupied at closing.

The HFF debt placement team representing the borrower included senior director Zack Holderman and analyst Daniel Pinkus along with local market assistance from director Zack Goodwin of HFF’s Seattle office.

“Luna Sol is an excellent example of how a creative sponsor combined with strong market fundamentals can support a strategic business plan like the conversion and sale of individual condo units in Greater Seattle,” Holderman said.