DEAL MAP

DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces $22 million in financing for Coral Falls, a 190-unit, garden-style multi-housing community in Coral Springs, Florida.

The HFF team worked on behalf of CF Partners, Ltd. and Iron River Management, LLC to secure the seven-year, 4.47 percent, fixed-rate, interest-only loan through Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  Loan proceeds are being used to replace a floating-rate loan the HFF team arranged on the owner’s behalf in 2015.

Coral Falls is located at 2801 NW 91st Street in Coral Springs providing access to Boca Raton to the north and Fort Lauderdale and Miami to the south.  The 99-percent-leased asset has a mix of newly renovated one- and two-bedroom floor plans averaging 1,029 square feet each.  Community amenities include a swimming pool with sundeck, brand new fitness center, picnic areas, tennis court, playground and car wash station.

The HFF debt placement team representing the borrower included managing directors Josh Simon and Elliott Throne.

“Our goal with Coral Falls has always been to hold long-term, maintain our presence in the market, and maximize our cash flow,” said Jonathan Ringham, President of Southshire, the general partner of CF Partners Ltd., and owner of Iron River Management, LLC.  “The HFF team has always understood this and provided the necessary guidance to achieving our long-term goals.  The placement of this debt allows us to continue our history of success with this property.” 

 

WASHINGTON, D.C. – August 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $70.25 million sale of Spring Parc, a 399-unit apartment community in Silver Spring, Maryland.

The HFF team marketed the property on behalf of the seller, Ares Management, L.P., and procured the buyer, an affiliate of Bridge Investment Group LLC.

Spring Parc comprises 120 one-bedroom, 232 two-bedroom and 47 three-bedroom units along with institutional-quality amenities, including an expansive swimming pool with separate children’s wading pool, grilling area, two playgrounds, dog park with agility course and a fitness center.  Located at 17 Featherwood Court, the property is situated in Montgomery County near key employment centers in Silver Spring, Rockville and Washington, D.C. as well as major regional thoroughfares such as Interstates 95 and 495, the Intercounty Connector (ICC)/Maryland 200 and Route 29.  In addition to its centralized location, the property is also convenient to numerous nearby retail amenities and two forthcoming developments.

The HFF investment advisory team representing the seller included Walter Coker, Brian Crivella, Roland Merchant and Stephen Conley, a Maryland licensed real estate broker.

HOUSTON, TX – August 7, 2018 – HFF announces sale of and acquisition financing for Villas at Bunker Hill, a 398-unit, Class A, mid-rise apartment community in Houston, Texas.

The HFF team marketed the property exclusively on behalf of the seller, SouthStar Communities.  Hilltop Residential 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 a three-year, floating-rate acquisition loan through a national bank.

Villas at Bunker Hill is located just north of Interstate 10 at 9757 Pine Lake Drive in Houston’s Memorial City area.  The property is adjacent to a wide variety of retail amenities, including H-E-B, PetSmart, Sam Moon, Nordstrom Rack, Academy Sports + Outdoors, Best Buy, Lowe’s Home Improvement, Costco and several dining and lifestyle retailers.  In addition, Villas at Bunker Hill is less than two miles north of Memorial City Mall and Memorial Hermann Memorial City Medical Center.  The four-story, wrap-style property offers access to the five-level parking garage from each floor of the building and comprises one- and two-bedroom units averaging 963 square feet.  The property’s nearly 8,000 square feet of amenity space includes two outdoor swimming pools, grilling areas, a state-of-the-art fitness center, clubhouse, game room with billiards, business center with conference room and demonstration kitchen.

The HFF investment advisory team representing the seller included managing director Chris Curry, senior managing director Todd Marix and analyst Estee Ibáñez.  

HFF’s debt placement team representing the buyer consisted of managing director Cortney Cole and analyst Jett Lucia.

PORTLAND, OR – August 7, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $66 million sale of and financing for Axcess 15, a 202-unit, transit-oriented apartment property in the Lloyd District of Portland, Oregon.

The HFF team represented the seller, Waterton, and procured the buyer, MG Properties Group.  Additionally, the HFF team worked on behalf of the new owner to secure a loan through Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Located at 1500 NE 15th Avenue, Axcess 15 is within a short distance to several grocery stores and other retail and entertainment amenities, including Lloyd Center Mall, Moda Center and Oregon Convention Center.  The four- and five-story property features a mix of one- and two-bedroom units averaging 851 square feet as well as more than 18,000 square feet of 100-percent-leased ground-floor retail.  Community amenities include a 24-hour fitness center, business center, resident lounge, landscaped courtyards and controlled access parking.  Unit amenities include open layouts with breakfast bars, in-unit washers and dryers, and balconies or patios.

The HFF investment advisory team representing the seller included senior managing director Ira Virden and director Carrie Kahn.

HFF’s debt placement team representing the borrower consisted of senior managing director Charles Halladay and directors Scott Gilson and Rick Salinas.

WASHINGTON, D.C. – August 7, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Northlake Townhomes, a 76-unit, garden-style apartment property in North Charleston, South Carolina.

HFF worked on behalf of the borrower, Brick Lane, to secure the $5.25 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  Freddie Mac has provided financing for 786 units with Brick Lane during the last two years.

Northlake Townhomes consists of 17 buildings encompassing spacious two- and three-bedroom units.  Located at 4135 Bonaparte Drive, the property is within one mile of Interstate 526, which provides access to major employers in the greater Charleston MSA.  Northlake Townhomes is also near the Charleston International Airport, Tanger Outlets and Joint Base Charleston.  The property is 98.68 percent occupied.

The HFF debt placement team representing the borrower included Jamie Leachman and Nicole Brickhouse.

SAN DIEGO, CA – August 6, 2018 – HFF announces the $10.25 million sale of commercial real estate investment and development firm SENTRE’s 35-unit apartment property Enclave at Lake Murray, a newly renovated, garden-style property in the Southern California community of La Mesa in San Diego County. 

The HFF team exclusively marketed the property on behalf of SENTRE, and procured the buyer, RM Realty.

Enclave at Lake Murray is located at 5476 Kiowa Drive approximately 15 minutes northeast of downtown San Diego and the city’s world-class beaches and just south of Lake Murray, a popular destination for bicycling, jogging and hiking. The property is two miles from downtown La Mesa, known locally as La Mesa Village, which features restaurants, premium retail, historic destinations and nightlife. 

Originally purchased by SENTRE for $7.1 million in December 2013, Enclave at Lake Murray features two-story townhome-style units with spacious one- and two-bedroom floor plans totaling 28,950 rentable square feet and common area amenities, including a swimming pool, spa, grilling area, dog park and fitness center. The property was 94 percent occupied at closing.

“We are pleased to have successfully repositioned Enclave at Lake Murray, selectively renovating units and materially increasing rents since our acquisition in 2013,” said Doug Arthur, President and CEO of SENTRE.  “We very much believe in the Lake Murray pocket of La Mesa and think the buyer will do very well with the asset.”

The HFF investment advisory team representing the seller consisted of senior director Hunter Combs.

“The recent surge of high-end apartment development in Mission Valley has translated to robust rent growth in the surrounding submarkets,” Combs said. “Turnkey finishes within unique townhome-style floorplans at Enclave at Lake Murray created significant interest from capital attracted to the long-term future of La Mesa.”

 

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