SAN DIEGO, CA – June 5, 2019 – HFF announces financing for the acquisition of 5008 and 5060 Hazeltine Avenue Apartments, two apartment buildings totaling 36 units in the Sherman Oaks neighborhood of Los Angeles, California.

HFF worked on behalf of the borrower, a joint venture between NextGen Apartments, LLC and Hanover Financial, LLC to arrange the fixed-rate acquisition and renovation loan through a life insurance company.

5008 and 5060 Hazeltine contain two one-bedroom units and 34 two-bedroom units averaging 1,044 square feet along with a total of 36 covered parking spaces.  The properties are located just north of Highway 101 and just east of Interstate 405 in the San Fernando Valley.  Additionally, the properties are situated directly across from the Van Nuys/Sherman Oaks Recreation Center and within a mile of additional lifestyle amenities, including Westfield Fashion Square, Notre Dame High School, Van Nuys Middle School and Sherman Oaks Hospital.

“Our joint venture seeks value-add multi-family opportunities throughout Southern California that require significant repositioning through improved property management and capital improvement,” said Steven Ludwig, co-founder of NextGen Apartments, LLC.

The HFF debt placement team representing the borrower was led by managing director Patrick Burger and associate Bharat Madan.

Holliday Fenoglio Fowler, L.P. (HFF) announces the capitalization of Axletree, a to-be-built, 110-unit, Class A multi-housing project in the Portland suburb of Milwaukie, Oregon.

The HFF team worked on behalf of the developer, Guardian Real Estate Services, to place a floating-rate construction loan through a regional bank.  Additionally, the HFF team arranged joint venture equity through Hanover Financial.

Axletree will be situated at the intersection of SE Main and SE Washington Streets in downtown Milwaukie, less than 200 feet from the new MAX Orange Line stop.  The project, which will be the first multi-housing community to be built in Milwaukie since 1995, is also positioned within walking distance to numerous retail and riverfront recreational amenities. Due for completion in the third quarter of 2019, the property will feature a mix of studios, one- and two-bedroom floor plans averaging 610 square feet.  In addition, Axletree will encompass 77 parking stalls and nearly 7,000 square feet of ground-floor retail, and will offer impressive views of the Willamette River and Portland’s West Hills.

The HFF team representing the developer in the construction financing included managing director Casey Davidson. Senior managing director Ira Virden and director Carrie Kahn led the equity capitalization efforts.