Holliday Fenoglio Fowler, L.P. (HFF) announces the permanent financing for Apollo on H Street, a best-in-class, pre-stabilized residential, retail and office mixed-use property in Washington, D.C.’s H Street Corridor.

The HFF team worked on behalf of the borrower, a partnership between Insight Property Group and institutional investors advised by J.P. Morgan Asset Management, to secure the fixed-rate loan through TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA).  HFF previously arranged construction financing and joint venture equity for the partnership in 2014 while the property was in development.  

Apollo on H Street is in Washington, D.C.’s historic H Street Corridor at 600 H Street NE. With a WalkScore® of 97, the property is near numerous lifestyle and employment amenities and is five blocks from Union Station, which serves as the main rail transportation artery into and around the D.C. metro.  Completed in 2017, Apollo on H Street encompasses 431 apartments with luxury finishes, including Italian cabinetry, quartz countertops, stainless appliances and wood floors throughout. The apartments were 70 percent leased at the onset of the marketing process. In addition, the property features 57,000 square feet of fully leased retail space anchored by a 40,000-square-foot Whole Foods and a 32,000-square-foot office component occupied by WeWork.

Apollo on H Street also has 60,000 square feet of indoor/outdoor amenity space, including a public lobby and leasing lounge connected to the Wydown Café; world-class art collection curated by Long View Gallery and Art Enables; penthouse with demonstration kitchen, indoor fireplace and table games; conservatory event space with access to the roof terrace; east rooftop lounge with grilling kitchens, a movie projector and expansive landscaping; west rooftop lounge with outdoor living room, grilling kitchen, two-tiered swimming pool and outdoor fireplace; indoor dog wash and outdoor dog run; gym with private studio, boxing area and Peloton bikes; and communal gardens.

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

“We are seeing more and more available capital right now for both pre-stabilized and recently stabilized assets,” Leachman said.  “Given the quality, location and sponsorship, Apollo on H Street created significant interest from the lending community, providing the partnership multiple options from which to choose.”

“HFF was fortunate to have been involved in the permanent financing of the Apollo,” Brickhouse added.  “Insight Property Group and J.P. Morgan have created a one-of-a-kind asset.  Due to the extremely competitive environment for best-in-class, pre-stabilized assets, multiple lenders were able to get creative underwriting the asset as if it was stabilized.  TH Real Estate was fantastic to work with and ultimately provided the borrower with the most long-term flexibility.”

Holliday Fenoglio Fowler, L.P. (HFF) announces the capital raise for The Vineyards of Brookfield, a to-be-built, 146-home, age-restricted (55+) townhome community with a total project cost of $58 million in the Long Island community of Center Moriches, New York.

The HFF team worked on behalf of the developer, Ornstein Leyton Company (OLC), to secure an investment from Atalaya Capital Management (Atalaya), a New York City-based investment manager, to develop the property.

The Vineyards at Brookfield will be situated on approximately 29 acres near the intersection of Brookfield Avenue and Wading River Road.  The project will be less than half of a mile south of Sunrise Highway and adjacent to The Vineyards at Moriches, a 92-unit, active adult retirement community also developed by Ornstein Leyton Company.  The Vineyards at Brookfield will be completed in two phases, the first of which will deliver in 2019.  The gated community will feature a state-of-the-art clubhouse and outdoor recreational facilities featuring amenities, including a lounge, billiards room, card room, kitchen, fitness center, yoga studio, heated swimming pool, and bocce and pickle ball courts.

The HFF equity placement team representing the developer included senior managing director Evan Pariser, managing director Rob Hinckley and senior director David Fowler.

“Vineyards at Brookfield is the fourth installment of the highly successful Vineyards-branded, OLC development line in the area,” Hinckley said.  “The project takes advantage of the downsizing needs of the area’s aging population.  Atalaya proposed a favorable common equity structure to invest in the project given the attractive risk-return profile.  We look forward to seeing the project’s success unfold over the next several years.”

Holliday Fenoglio Fowler, L.P. (HFF) announces the more than $30 million sale of a 71-building/383-bed, scattered-site student housing portfolio at Lehigh University in Bethlehem, Pennsylvania.

The HFF team marketed the property exclusively on behalf of Campus Apartments.  A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt.

The 71 properties within the portfolio have prime ‘walk to campus’ locations and incredible access to nightlife and retail.  The portfolio achieved close to 99 percent occupancy during the last two academic years amidst strong year-over-year rent growth.  Lehigh University has an enrollment of more than 7,000 with growth of 25 percent expected during the next seven years.

The HFF investment advisory team representing the seller included senior managing director Jose Cruz, senior directors Michael Oliver and Carl Fiebig, managing director Kevin O’Hearn and senior director Steve Simonelli with support from senior managing director Doug Opalka and director Ryan McBride.

“The portfolio garnered attention from local, regional and international investors,” Oliver said.  “The portfolio has shown strong historical performance and will continue to be a fantastic investment going forward.”

Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $53.175 million for the development of The Bradley, a mixed-use residential and retail property in Miami’s Wynwood neighborhood.

Working on behalf of the developers, a partnership between The Related Group and Block Capital Group, the HFF team secured a $33.175 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners, L.P.

The Bradley is situated in the southeast end of Wynwood and is walkable to the neighborhood’s main retail strip on NW 2nd Avenue.  The mid-rise development is designed by Kravitz Design and will comprise 175 residential units along with approximately 32,000 square feet of ground-floor retail space.  Residential units will range from 480 to 1,000 square feet in a mix of one-, two- and three-bedroom floor plans.  The project is located at 51 NW 26th Street proximate to Wynwood 25, which is also being co-developed by The Related Group.  HFF sourced construction funding for that project in May of last year.

The HFF debt placement team included senior director Scott Wadler and associate Jesse Wright.

“The Bradley, along with Related’s other Wynwood properties, are a preview of what’s coming to the neighborhood,” said Jon Paul Perez, vice president for The Related Group.  “For a long time, Wynwood was seen simply as a weekend destination, but now the influx of high-quality residential and mixed-use options is driving the community’s transition into a true 24/7 neighborhood.  We look forward to continuing work with our partners to help the neighborhood reach its full potential.”

“The Bradley’s central location between Wynwood and Midtown will further connect and densify the neighborhoods,” Wadler said.  “We are excited to see how Wynwood evolves as the first institutional-quality apartments are delivered in the area.”

HFF announces $17.3 million in financing for Spring Meadow, a 271-unit, apartment community in the Phoenix suburb of Glendale, Arizona.

The HFF team worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through a national bank.  The partnership acquired the property on an all-cash basis in October 2017, and this loan was arranged post-close to assist with their capital expenditure program.  This transaction follows four other recently announced loans HFF arranged on the partnership’s behalf for Greentree Place and Autumn Creek Apartments in Chandler, Arizona, as well as Brynwood and Sereno Park Apartments in San Antonio, Texas.

Spring Meadow is located at 10030 North 43rd Avenue minutes from downtown Glendale, Glendale Community College and Westgate City Center.  The property is also close to Interstate 17 and State Highway 101, which offers accessibility around the greater Phoenix metropolitan area.  Spring Meadow comprises one- and two-bedroom units ranging from 525 to 918 square feet.  Some of the units have undergone recent upgrades to include new appliances, flooring, paint, fixtures and in-unit washers and dryers.  Amenities include a swimming pool, hot tub, barbecue/picnic area, fitness center and covered parking.  

The HFF team representing the borrower included managing director Josh Simon and senior director Brad Miner.

Holliday GP Corp. ("HFF") is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions, License Number CMB 0935500 and NMLS Number 1524298.

Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the development of The Edge LoHi, a 44-unit, upscale condominium development in Denver’s Lower Highland (LoHi) submarket.

The HFF team worked exclusively on behalf of the developer, Alpine Investments, to arrange the 36-month, floating-rate, non-recourse construction loan through a balance sheet lender.

The Edge LoHi will be situated immediately north of Interstate 25 in the affluent LoHi neighborhood.  Due for completion in 2019, the property’s for-sale homes will feature high-end finishes, unobstructed views of the Denver skyline and an outdoor space for every condo.  Community amenities include a dog spa, storage units, bike storage and repair room, lobby lounge with a fireplace and coffee bar and secured building and garage access.  Approximately 30 percent of the units were pre-sold at the time of closing.

The HFF team representing the borrower included directors Leon McBroom and Brock Yaffe.