Holliday Fenoglio Fowler, L.P. (HFF) announces $22.896 million in financing for River Vista, a 196-unit, garden-style apartment community in the North Atlanta community of Sandy Springs, Georgia.

HFF worked on behalf of Stonebridge Investments to secure a seven-year, fixed-rate loan with five years of interest-only payments through Freddie Mac’s Green Advantage program.  The loan will be serviced by HFF, a Freddie Mac Optigo℠ lender for Conventional Loans. 

River Vista is located at 9200 Roberts Drive just a few miles north of the I-285/GA-400 interchange, which provides access to the Central Perimeter office market and downtown Atlanta.  Originally constructed in 1996, the property features a mix of one-, two- and three-bedroom floor plans that were more than 96% occupied at closing.  Community amenities include a swimming pool with sundeck, outdoor kitchen with grills, outdoor social area with TV, playground, clubhouse lounge with demonstration kitchen and 24-hour fitness center.

The HFF debt placement team representing the borrower included managing director Elliott Throne and director Ware Shipman.

“River Vista marks Stonebridge’s third acquisition within the Sandy Springs submarket allowing them to further capture the demand from the new headquarters of State Farm and Mercedes Benz,” Shipman said.  “We were pleased to work with Freddie Mac in providing Stonebridge with a loan structure that will allow them to capitalize on the continued growth of Central Perimeter and the GA-400 corridor.”

DALLAS, TX – April 30, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured financing for an eight-property, 565-unit seniors housing portfolio located in New England.

HFF worked on behalf of the borrower, Northbridge Strategic Senior Housing Fund II, L.P., to originate the mortgage loans to be sold to Freddie Mac.  HFF, a Freddie Mac Optigo℠ lender for Seniors Housing Loans, will service the loans.

The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine.  The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.

MIAMI, FL – April 23, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured financing totaling $37.85 million for The Place at Alafaya in Orlando, Florida, and Litchfield Place in Savannah, Georgia.

HFF worked on behalf of the borrower, Beachwold Residential, to place two 10-year, interest-only, fixed-rate loans with Freddie Mac.  The loans will be serviced by HFF, a Freddie Mac Optigo℠ lender.  Loan proceeds were used to refinance existing debt on The Place at Alafaya and to acquire Litchfield Place.

The Place at Alafaya consists of 36 two-story buildings encompassing 400 one- and two-bedroom units.  Located at 11600 MacKay Boulevard, The East Orlando property is less than two miles southwest of the University of Central Florida (UCF) campus as well as multiple lifestyle amenities, parks and hospitals.  The community features a swimming pool, basketball courts, tennis courts, volleyball courts, state-of-the-art fitness center, clubhouse, student lounge, hammocks throughout the property, business center and UCF shuttle service.

Litchfield Place consists of 76 units averaging 1,119 square feet across eight two-story buildings located at 6301 Chief of Love in the high-growth submarket of Southwest Savannah, which provides accessibility to the CBD and the suburban community of Richmond Hill.  Additionally, the property is positioned within 15 minutes of Savannah College of Art and Design and 10 minutes from Georgia Southern University – Armstrong Campus.  The property was completed in two phases between 2008 and 2014.

The HFF debt placement team was led by senior managing director Mona Carlton, managing director Elliott Throne and director Jesse Wright.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $7.5 million Freddie Mac Small Balance Loan refinance for a 163-unit multifamily property in Charlotte, North Carolina. The transaction was originated by Andrew Ellis and Payton Banks, Managing Directors in Greystone’s Rockville, Maryland, office, on behalf of Sandhurst Investors. 

The new financing is a 20-year hybrid mortgage based on a 30-year amortization with a 10-year fixed-rate period followed by a 10-year floating-rate period and two-years of interest-only. The loan proceeds will enable the borrower to complete renovations and capital improvements to the property and expand their investment portfolio.

Built in 1967, 1701 Cityview has tripled in value since its purchase and renovation which involved structural improvements to some of its apartments and complete interior and exterior refurbishments, including new paint, cabinets, appliances and flooring for most of its units. 

The community is made up of market rate 1-, 2- and 3-bedroom apartments with easy access to uptown Charlotte, major highways and the Charlotte Douglas International Airport. The park-like community offers laundry facilities and a short walk to the YMCA and public library.

“This loan was a strategic refinancing allowing the owner to add further value to the asset while monetizing equity from their initial investment and redirecting those funds to grow its portfolio,” said Mr. Ellis. “Multifamily transactions often require flexibility and creativity – and that was certainly the case here with 1701 Cityview. The asset is located in one of the country’s strongest multifamily markets and is located in a recently designated Opportunity Zone. This submarket is experiencing economic growth and excellent rental dynamics.”

“We are amazed at the agility and expertise of the Greystone team to bring this transaction to a quick close,” said Jaykant Patel, principal of Sandhurst. “We look forward to closing more deals with Greystone as we continue to expand our multifamily holdings across North Carolina.”

Patel’s investment and development firm DYON sourced the property, structured the equity and debt financing, and managed renovations and lease-up of the property, while working closely with community advocates in this evolving area.

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.”

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.