SAN FRANCISCO – JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5% LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.  

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

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.

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the recapitalization and arranged financing for River North Park, a 400-unit, 24-story apartment tower in Chicago’s River North neighborhood.

HFF represented Waterton in the recapitalization of the property. Angelo, Gordon & Co., L.P. purchased a majority interest in the asset for an undisclosed amount. HFF also arranged a short-term, floating-rate acquisition loan on behalf of the new owner with a national bank.

River North Park is located at 320 West Illinois Street, steps from the Chicago Transit Authority’s (CTA) Merchandise Mart Brown/Purple station. With a WalkScore® of 98, the property is near the Hubbard Street and Rush and Division entertainment corridors as well as some of Chicago’s top retail attractions along and surrounding North Michigan Avenue. River North Park is also convenient to Lake Shore Drive and Interstates 90/94, 290 and 55 offering access around the metropolitan area. The community features a 24-hour door attendant, enclosed garage parking, fitness center, indoor heated lap pool, internet café and a private, half-acre landscaped courtyard with sundeck and gas grills.

The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton along with managing director Sean Fogarty.

HFF’s debt placement team representing the buyer was led by managing director Stephen Skok.