SAN FRANCISCO, CA – March 26, 2019 – HFF announces it has secured joint venture equity and financing totaling approximately $51 million for the acquisition and repositioning of Vineyard Gardens, a 180-unit multi-housing community in Santa Rosa, California.
HFF worked on behalf of newly formed Glencrest Realty Group to arrange a joint venture equity partnership with Angelo, Gordon & Co, L.P. Working on behalf of the partnership, HFF also secured a 10-year, floating-rate lease-up loan through Freddie Mac. The securitized loan will be serviced by HFF, a Freddie Mac Optigo℠ lender for Conventional Loans.
Vineyard Gardens is located at 240 Burt Street just east of U.S. 101 in Santa Rosa, which is the county seat of Northern California’s Sonoma County. The garden-style property consists of 27, two-story buildings comprising 60 one-bedroom units, 119 two-bedroom units (including 60 two-story townhomes) and one three-bedroom unit. Renovations will include upgrades to the clubhouse and leasing office, the installation of a modern package management system, new color schemes for building exteriors and modernization of select units; including appliance upgrades and the installation of contemporary cabinetry and countertops. Amenities include an expansive pool and barbeque area as well as a to-be-created “Wine Country” outdoor patio area. In addition, the community is across the street from a neighborhood park that contains a large dog run area, playground and green space.
The HFF team representing the borrower included senior managing directors Peter Smyslowski and Charles Halladay and associate Bercut Smith.
“The acquisition of Vineyard Gardens is a fitting example of the value-added strategy that Glencrest Realty Group and Angelo Gordon will be implementing in their newly formed venture,” Smyslowski said.
“Vineyard Gardens exemplifies the type of opportunistic investment Glencrest will pursue, and I’m honored by the commitment of HFF, Angelo Gordon and Freddie Mac to my new platform,” added John Adair, founding principal of Glencrest Realty Group.
DENVER, CO – January 28, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $15.1 million in financing for Advenir at Del Arte Townhomes, a 94-unit multi-housing community in Aurora, Colorado.
The HFF team worked on behalf of the borrower, Advenir, Inc., to secure the seven-year, fixed-rate loan through Freddie Mac’s Green Up Program. The securitized loan was used to refinance existing floating-rate debt on the property, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. The refinance was a continuation of the borrower’s strategy to mitigate interest-rate risk amid the current rising rate environment. The borrower was able replace their existing 5.15 percent, floating rate at closing with a 4.25 percent, seven-year fixed rate. The fixed-rate conversion took the ongoing LIBOR adjustment risk off the table and ultimately provided the borrower with a reduction in the all-in rate with additional interest-only amortization.
Advenir at Del Arte Townhomes is located at 11135 E. Alameda Avenue, which offers nearby access to Interstates 25, 225 and 70. The property’s 94 townhome-style units are 93 percent occupied and comprise a mix of one- and two-bedroom layouts and features, including attached garages, washers and dryers, and spacious entertainment kitchens. The property shares common area amenities with neighboring Advenir at Del Arte, a 351-unit community with a variety of loft- and flat-style units.
The HFF team representing the borrower included senior managing director Eric Tupler and managing director Josh Simon.
NEWPORT BEACH, CA – January 17, 2019 – HFF announces financing totaling $72 million for Continental Gardens, Stuart Drive Apartments and Rose Gardens Apartments, three affordable apartment communities totaling 536 units in Orange County, California.
The HFF team worked exclusively on behalf of the borrower, Bertram Partners, Inc., to secure two 15-year, fixed-rate loans through Freddie Mac. The loan for Continental Gardens is valued at $41.261 million and the loan for Stuart Drive and Rose Gardens Apartments totaled $30.744 million. Proceeds from the securitized loans, which will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans, were used to refinance the existing debt on the properties. Bertram Partners, or a wholly owned affiliate, has owned the properties since they redeveloped them in the mid 1980’s.
Continental Gardens is located at 8101 Cerritos Avenue in the western Orange County community of Stanton. Originally constructed in 1963, the community’s 297 one-, two- and three-bedroom units are 99 percent occupied. Stuart Drive Apartments is located at 11632 Stuart Drive in the northern Orange County community of Garden Grove. Also located in Garden Grove, Rose Gardens Apartments is situated three miles southwest of Stuart Drive Apartments at 9645 Westminster Avenue. Stuart Drive and Rose Gardens, which were developed in 1960 and 1963, total 239 one- and two-bedroom units. The communities are operated as one property and are 99 percent occupied overall.
The HFF debt placement team representing the borrower consisted of director Jamie Kline and analyst Nicholas Lench.
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.”
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.
