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.
DENVER, CO – April 23, 2019 – HFF announces it has secured $21 million in financing for Serafina at South Mountain Apartments, a 183-unit, apartment community in Phoenix, Arizona.
HFF worked on behalf of Western Wealth Capital to secure the five-year, interest-only, floating-rate loan through a national bank. The loan was used to acquire the property and includes a future-funding component to assist the borrower with their capital expenditure program. This financing follows the closing of a series of six acquisition loans arranged on the borrower’s behalf in 2018.
Serafina at South Mountain Apartments is located at 11025 S. 51st Street just east of the South Mountain Park and Preserve. The property is less than 15 miles from downtown Phoenix and provides connectivity around the Phoenix-Tempe-Scottsdale area via Interstate 10, which is immediately east of the property. Serafina features one and two-bedroom homes with fully equipped kitchens, personal balconies or patios, air conditioning and ceiling fans. Community amenities include a swimming pool, hot tub, grilling area, dog park, fitness center and billiards table. Nestled in the Ahwatukee residential area, Serafina Apartments is 99 percent occupied.
The HFF team representing the borrower consisted of managing director Josh Simon, senior director Brad Miner and associate Tim Brousse.
SAN FRANCISCO, CA – April 18, 2019 – HFF announces it has arranged joint venture equity for the development of 1629 Market Street, a fully entitled, 420-unit multi-housing project in San Francisco, California.
Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project.
1629 Market Street will encompass 420 units averaging 732 square feet along with nearly 9,000 square feet of retail situated within three mid-rise buildings that will share a sub-grade parking garage. The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub. The 24/7 location provides access to more than 400 restaurants and bars within an eight-block radius along with immediate access to public transportation options and approximately 30 percent of the city’s largest technology-based companies, all of which has garnered the site a Walk Score® of 99. The project is due for completion in mid-2021.
The HFF equity placement team representing the developer included managing director Scott Bales along with senior managing director Charles Halladay, managing director Jordan Angel, director Peter Yorck and analysts Eric Bet and Nolan Moore.
PHILADELPHIA, PA – April 15, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale and secured financing for The Commonwealth, a 98-unit, high-rise apartment building in Philadelphia, Pennsylvania.
HFF marketed the properties exclusively on behalf of the seller, global real estate investment manager Invesco Real Estate, and procured the buyer, a joint venture partnership between The Carlyle Group and Alterra Property Group. In addition, HFF worked on behalf of the new owner to arrange acquisition financing.
The Commonwealth was originally constructed in 1906 and underwent a full restoration in 2012 that was completed by Alterra Property Group. Situated at 1201 Chestnut Street, the property’s Midtown Village location has earned it a Walk Score® of 99 and offers residents direct access to all of Center City, Philadelphia’s employment, lifestyle and transportation amenities. The 15-story building consists of 98 residential units averaging 711 square feet and 8,247 square feet of ground-floor retail. Units feature stainless steel appliances, granite countertops, European maple cabinetry, wood plank flooring and full-size washers and dryers. The residential component is 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick and mortar location.
The HFF investment advisory team representing the seller was led by senior managing director Mark Thomson, senior director Carl Fiebig and director Francis Coyne.
HFF’s debt placement team representing the new owner was led by managing director Ryan Ade.
“We have seen a significant uptick in interest for core-plus properties in the Philadelphia region,” Thomson said. “This was a great opportunity for investors to buy a core-plus building at an attractive basis with upside in one of the best locations in Center City, Philadelphia. With a lack of velocity of core-plus deals of this size in the area, the property drew significant interest from local, regional and national investors. We conducted 31 tours of the property, which resulted in offers from 18 different companies.”
MORRISTOWN, NJ – April 10, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment property in Jersey City, New Jersey.
HFF marketed the property exclusively on behalf of the seller, AEW, and procured the buyer, Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, its growing multi-housing platform.
Soho Lofts is located at 273 16th Street on the border of Jersey City and Hoboken in the expanding “South of Hoboken” neighborhood. The property is immediately adjacent to Interstate 78 and the Holland Tunnel and is proximate to downtown Hoboken, as well as the PATH train, ferry terminal and NJ Transit Bus Terminal. Completed in 2018, the property consists of 369 studio through three-bedroom units as well as eight townhouses situated within 13- and 20-story towers connected by four- and seven-story structures. Soho Lofts also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage. Units average 1,191 square feet in size with best-in-class features, including gourmet kitchens with stainless steel appliances, custom cabinetry and granite countertops; bathrooms with enclosed glass showers, rain showerheads and Carrara tile; expansive windows with views of the Manhattan skyline; 10-foot ceilings; white oak flooring; exposed duct work; and in-unit washers and dryers. The property includes numerous resort-style amenities, including an infinity edge pool, private poolside cabanas, fireside seating with outdoor TV, cinema room, Zen garden, expansive fitness center, indoor/outdoor yoga room, 10-person sauna, demonstration kitchen and private party room, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms.
The HFF investment advisory team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky.
“Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction,” Cruz stated. “Core offerings like Soho Lofts in core locations like Jersey City provide significant future capital appreciation along with current returns.”
NEW YORK, NY – April 9, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $97.1 million in financing for 111 Leroy, a boutique luxury condominium development in Manhattan’s West Village.
HFF worked on behalf of the developer, Property Markets Group (PMG), to arrange the two-year, floating-rate financing through Rialto Capital Management. Loan proceeds were used to finance unsold condo inventory at the development, which consists of 13 residences and four townhouses totaling approximately 50,000 sellable square feet. HFF previously secured construction financing for the project, which is now in the final stages of development.
111 Leroy consists of 18 bespoke residences within a 10-story, mid-rise tower at the corner of Greenwich Street in the West Village. The residences offer a variety of studio through four-bedroom floor plans ranging from 506 to 3,370 square feet and the project’s five three- and four-story townhouses include multiple private terraces with fire pits, outdoor kitchens, hot tubs and private elevators. The townhouses are available in a variety of four- and five-bedroom layouts averaging 5,397 square feet. The one five-bedroom townhouse unit also includes a private parking garage with direct entry. Homes will include high ceilings, nine-inch white oak flooring, LG washers and dryers, radiant floor heating, energy efficient HVAC systems, custom walnut cabinetry and Savant home automation. In addition to the high-end interior finishes and exclusive Leroy Street address, 111 Leroy will also feature a 24-hour doorman, state-of-the-art gym, resident’s lounge, water views, and a landscaped yard with arbor garden, lounge area, fire pit and barbecue.
The HFF debt placement team included managing director Christopher Peck and analyst Kristen Knapp.
