SAN FRANCISCO, CA – January 16, 2019 – HFF announces the $48.64 million financing for the development of The Morgan at Bay Meadows, an 82-unit, Class A multi-family project in San Mateo, California.
The HFF team worked on behalf of the developer, an affiliate of Stockbridge Capital Group and Wilson Meany, to secure the floating-rate construction loan through Union Bank.
The Morgan at Bay Meadows is situated to the southwest of the U.S. 101 and Highway 92 interchange, which positions it midway between San Francisco and Silicon Valley. The transit-oriented property is just north of the Hillsdale Caltrain station within the pedestrian-friendly Bay Meadows master-planned community, which will feature approximately 1,100 residential units, 780,000 square feet of office space, 18 acres of parks, a new private high school and 40,000 square feet of retail once complete.
The Morgan at Bay Meadows will consist of 82 luxury units located above a single-story, below-grade secured parking garage. Amenities will include a central entertaining and gathering space with an entertaining kitchen, library and game room; a lushly landscaped courtyard with outdoor entertaining area; fitness and meditation studio; storage facilities; bike storage; and park views. Units will include a mix of two- and three-bedroom homes averaging more than 1,500 square feet. The project is expected to be delivered in the summer of 2020.
The HFF debt placement team representing the developer included senior managing director Bruce Ganong, senior director Chris Gandy and analyst Bercut Smith.
“The Morgan will be an excellent addition to the other successful residential communities developed by Stockbridge and Wilson Meany at Bay Meadows,” Ganong said. “The interest in the construction loan was extensive and numerous lenders competed for the opportunity to work with the developer. HFF is thrilled to have been involved in another phase of this transformative project."
HOUSTON, TX – January 16, 2019 – HFF announces the sale and acquisition financing for Winding Trails, a 438-unit, garden-style apartment community in Southwest Houston.
The HFF team marketed the property exclusively on behalf of the seller, One Real Estate Investment. GVA Real Estate Group 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 acquisition financing through Ready Capital Structured Finance.
Winding Trails is located at 10330 Wilcrest Drive near Beltway 8 and Interstate 69, which provides connectivity to Houston’s largest employment centers. The nearly 14-acre property was originally developed in 1979 and encompasses a mix of one-, two- and three-bedroom units averaging 803 square feet with a range of amenities, including country kitchens with pass-through bars, wood plank flooring, oversized walk-in closets, washer and dryer connections, and private patios or balconies.
The HFF investment advisory team representing the seller included directors Joey Rippel and Chris Young and analyst Bailey Crowell.
HFF’s debt placement team representing the new owners was led by managing director Robert Wooten and director Michael Johnson.
“Assets like Winding Trails that have provable value-add potential remain limited in Houston and continue to be a draw for opportunistic buyers,” Rippel said. “True value-add is an opportunity that smart buyers can’t pass up.”
DENVER, CO – January 15, 2019 – HFF announces the $23.45 million refinancing of The Standard, a 134-unit apartment community in Scottsdale, Arizona.
The HFF team worked on behalf of the borrower, The Sunset Group, to secure the 10-year, fixed-rate loan through Freddie Mac. The securitized loan, which is being used to replace existing construction financing, will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
The Standard is located at 6811 E. Main Street at the entrance of the Hotel Valley Ho, a Frank Lloyd Wright-inspired, Four Diamond hotel. Completed in 2016, the community is situated within Old Town Scottsdale’s Arts District, which places it within walking distance to more than 100 art galleries, boutiques and five-star restaurants. In addition to the core location, The Standard’s amenities include a resort-style swimming pool with an outdoor kitchen, private cabanas, rooftop terrace, state-of-the-art fitness center, contemporary clubhouse and access to Hotel Valley Ho’s on-site amenities. Units feature quartz countertops, stainless steel appliances, wood or ceramic wood-plank flooring, nine-foot ceilings, and full-sized washers and dryers.
The HFF debt placement team representing the borrower included managing director Josh Simon, senior director Brad Miner and director Matthew Stewart.
“HFF was an invaluable resource in helping us execute on our financing needs,” said JL Singer, principal and senior vice president at The Sunset Group. “We look forward to leveraging HFF’s indispensable offerings and growing our portfolio together.”
DENVER, CO – January 15, 2019 – HFF announces the $23.45 million refinancing of The Standard, a 134-unit apartment community in Scottsdale, Arizona.
The HFF team worked on behalf of the borrower, The Sunset Group, to secure the 10-year, fixed-rate loan through Freddie Mac. The securitized loan, which is being used to replace existing construction financing, will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
The Standard is located at 6811 E. Main Street at the entrance of the Hotel Valley Ho, a Frank Lloyd Wright-inspired, Four Diamond hotel. Completed in 2016, the community is situated within Old Town Scottsdale’s Arts District, which places it within walking distance to more than 100 art galleries, boutiques and five-star restaurants. In addition to the core location, The Standard’s amenities include a resort-style swimming pool with an outdoor kitchen, private cabanas, rooftop terrace, state-of-the-art fitness center, contemporary clubhouse and access to Hotel Valley Ho’s on-site amenities. Units feature quartz countertops, stainless steel appliances, wood or ceramic wood-plank flooring, nine-foot ceilings, and full-sized washers and dryers.
The HFF debt placement team representing the borrower included managing director Josh Simon, senior director Brad Miner and director Matthew Stewart.
“HFF was an invaluable resource in helping us execute on our financing needs,” said JL Singer, principal and senior vice president at The Sunset Group. “We look forward to leveraging HFF’s indispensable offerings and growing our portfolio together.”
DALLAS, TX – January 14, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the development of Deerfield Senior Residences, a 240-unit, six-story, luxury independent living community in the northern Chicago suburb of Deerfield, Illinois.
The HFF team worked on behalf of affiliates of Banner Senior, LLC (“Banner”), the managing partner of a joint venture partnership that is developing the facility, to arrange joint venture equity through Harrison Street. Additionally, HFF worked on behalf of the new partnership to secure a $55.6 million, four-year, floating-rate construction loan through a national bank.
Deerfield Senior Residences will be located on a 5.17-acre parcel adjacent to the Weinberg Campus for Senior Living at Lake Cook Road adjacent to the entrance to Interstate 294, which provides access to the northern Chicago suburbs, O’Hare International Airport and the CBD. The location is also within four miles of Northshore University Health Glenbrook Hospital and Northwestern University’s Glenview outpatient facility. The Weinberg Campus is managed and operated by CJE SeniorLife, an affiliate of the Jewish Federation of Metropolitan Chicago. CJE will also manage and operate the new Deerfield Senior Residences. Currently, the Weinberg Campus is home to 125 assisted living units and 40 memory care units, which are fully occupied, as well as adult day care services serving more than 100 clients per week. Due for completion in the summer of 2020, this new, best-in-class independent living component will complement the existing facilities and will provide a continuum of care for seniors in the area.
Deerfield Senior Residences will offer an expansive amenities package, including two dining venues, a large multi-purpose room, library/reading area, theater, creative arts studio, fitness/wellness center, courtyard and indoor pool. In addition, services offered will include a flexible monthly dining services allowance, life enrichment programming, weekly housekeeping, scheduled transportation and valet parking service. Units will comprise a mix of studio, one- and two-bedroom layouts averaging 953 square feet with fully equipped kitchens, granite countertops, stainless steel appliances, wood flooring, walk-in closets, washers and dryers, balconies and emergency call system capabilities. In addition, the project will feature a 50,000-square-foot parking garage with 177 spaces and an additional 113 outdoor surface parking spaces.
The HFF capital placement team representing the borrower included managing director Matthew Schoenfeldt and director Sarah Anderson.
FLORHAM PARK, NJ – January 14, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $70 million in financing for Steel Works, a recently completed, 286-unit apartment community in Harrison, New Jersey.
The HFF team worked exclusively on behalf of the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure the 10-year, fixed-rate loan with an institutional lender. Loan proceeds were used to retire existing construction financing.
Steel Works is located at 1200 Frank E. Rodgers Boulevard South less than a quarter of a mile from the Harrison PATH Station, which provides commuters access to the World Trade Center in Lower Manhattan in approximately 20 minutes. Completed in 2017, the five-story, 96.5-percent-occupied property consists of a mix of studio, one- and two-bedroom floor plans featuring stainless steel appliances, designer cabinetry, nine-foot ceilings, custom closets, in-unit washers and dryers, hardwired sound systems and private balconies. Additionally, the community’s common area amenities include an outdoor swimming pool with sundeck, state-of-the-art fitness center with spin room, resident clubroom, dog park and electric car charging stations.
The HFF debt placement team representing the borrower consisted of senior managing directors Greg Nalbandian and Jim Cadranell.
“Steel Works represents the first Class A apartment project completed by the first class development team of Advance and DeBartolo within the Riverbend District, a 35-acre site that will ultimately deliver 3,000 luxury apartments and 100,000 square feet of retail,” Nalbandian said. “There was significant interest to finance this project and we were successful in arranging a very aggressive fixed-rate loan with a heavy interest-only period for our client.”
