WASHINGTON D.C., August 26, 2019 – JLL announces it has secured $28.33 million in acquisition financing for The Grove at St. Andrews, a 622-unit, value-add apartment community in Columbia, South Carolina.

JLL worked exclusively on behalf of the borrower, Brick Lane and Enterprise Community Investment, Inc., to arrange the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

The Grove at St. Andrews is located at 716 Zimalcrest Drive approximately six miles from downtown Columbia and immediately northeast of the Interstate 20/26 interchange. The property consists of a mixture of studio, one- and two-bedroom units ranging from 490 to 862 square feet. Community amenities include a swimming pool, sports court, grilling area, fitness center, coffee bar and dog park. Built in phases from 1977 to 1984, Brick Lane and Enterprise plan to complete interior and common area upgrades to the property, including the addition of in-unit washers and dryers in some units, washer/dryer connections in others and enhancements to the pool and greenspaces. The Grove at St. Andrews was nearly 93% occupied at closing.

The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman and Director Evan Parker.

WASHINGTON, D.C. – April 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $13.35 million in acquisition financing for The Gates of West Bay Apartments, a 202-unit apartment community in Norfolk, Virginia.

HFF worked exclusively on behalf of the borrower, a partnership between Brick Lane and Enterprise Community Investment, Inc., acting through its conventional equity platform, to arrange the 10-year, fixed-rate loan through Freddie Mac.  The loan, which includes five years of interest-only payments, will be serviced by HFF, a Freddie Mac Optigo℠ lender for Conventional Loans.

The Gates of West Bay Apartments is located at 272 West Bay Avenue proximate to area shopping centers and major employers, as well as major thoroughfares, including Interstates 64 and 664 and Warwick Boulevard (Route 60), that provide connectivity around the Chesapeake Bay area.  The community consists of 10 two-story apartment buildings totaling approximately 189,000 rentable square feet.  Units feature walk-in closets and personal porches or patios.  Ninety-nine percent of the units are affordable to low-income tenants whose incomes are equal to or less than 80 percent of area median income. The Gates at West Bay Apartments was nearly 95 percent leased at closing.

The HFF debt placement team representing the borrower was led by senior director Jamie Leachman.

“This is the first partnership between Brick Lane and Enterprise and HFF is pleased to have assisted the new partners with locking in extremely favorable debt terms given the current financing markets,” Leachman said.  “The Gates of West Bay will be a fantastic addition to Brick Lane’s growing Tidewater portfolio, which now totals close to 1,000 units, and will allow the partnership to capitalize on the already established synergies within the market.”

WASHINGTON, D.C. – August 28, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces joint venture equity and debt financing totaling $26.031 million for the acquisition of Falling Creek Apartments, a 348-unit apartment community in the North Chesterfield submarket of Richmond, Virginia.

The HFF team worked on behalf of Brick Lane to arrange $6.696 million in joint venture equity through National Property REIT Corporation (NPRC). This transaction represents the first partnership between Brick lane and NPRC.  In addition, the HFF team worked on behalf of the new partnership to secure a $19.335 million, 12-year, fixed-rate loan through Freddie Mac’s CME Program, which funded the remainder of the acquisition costs.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Falling Creek Apartments is located at 2530 Marina Drive just off Route 301 in North Chesterfield, which positions the community within minutes of Interstates 95 and 295 and Highway 288.  The property is situated within the Chesterfield County school district and is less than 10 miles south of downtown Richmond.  Falling Creek Apartments consists of 31 two-story buildings encompassing a mix of studio, one- and two-bedroom townhome and flat-style units.

The HFF debt and equity placement team representing the borrower consisted of Jamie Leachman.

“Falling Creek aligns with the core strategy of both Brick Lane and NPRC, both of which seek well-located properties that can benefit from institutional ownership and operations,” Leachman said.  “It was a privilege to bring together both groups and assist in their continued success.”

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.