DENVER, CO – March 21, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $75 million in financing for The Confluence, a 287-unit, luxury residential tower in downtown Denver, owned by a partnership between National Real Estate Advisors, LLC (National), acting on behalf of a client, and PMRG, which recently merged with Madison Marquette.
HFF worked on behalf of ownership to secure the 10-year, fixed-rate loan through a life company lender. Loan proceeds are being used to retire existing construction debt. HFF previously arranged the joint venture partnership between PMRG and National in 2013 at the start of the project’s development process and later procured construction financing for the partnership in 2015.
The Confluence is situated on 1.21 acres at the southwest corner of 15th Street and Little Raven Street in the Riverfront Park area of the Denver CDB. The live-work-play property is walking distance to public transportation at Union Station as well as the city’s largest concentration of office space and numerous entertainment/lifestyle amenities. Completed in 2017, the 34-story tower provides mountain and skyline views and includes approximately 8,029 square feet of ground-floor retail and three levels of underground parking. Units feature a mix of spacious one-, two- and three-bedroom options averaging 1,052 square feet with high-end finishes, such as granite and marble countertops, soaking tubs, expansive floor-to-ceiling windows, hand-scraped hardwood floors, oversized walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a state-of-the-art fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen and catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.
The HFF team representing the borrower included managing directors Josh Simon and Rob Rizzi.
WASHINGTON, D.C. – March 21, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $29.1 million in preferred equity for the development of Faraday Park, a 407-unit multifamily community in Reston, Virginia.
HFF worked exclusively on behalf of the developer, Rooney Properties, to arrange preferred equity from Parse Capital.
Faraday Park will be prominently situated along the Dulles Toll Road at 1831 Michael Faraday Drive steps from the Wiehle-Reston East Metro Station. Located in North Virginia’s largest office market, the property is surrounded by more than 31.2 million square feet of mainly technology and defense employers, including Boeing, Booz Allen Hamilton, CACI, General Dynamics, Bechtel, Northrop Grumman, Raytheon, SAIC, Lockheed Martin and the U.S. headquarters for Amazon Web Services. Additionally, Faraday Park is one mile from the Whole Foods-anchored Plaza America, which features over 200,000 square feet of retail, and one and a half miles from Reston Town Center, which features over 425,000 square feet of retail.
The transit-oriented property’s construction will consist of two seven-story, podium-style residential buildings and two above-ground parking garages. Floor plans will include a variety of studio through three-bedroom units averaging 842 square feet. Faraday Park’s best-in-class amenity package will feature an expansive green area, rooftop swimming pool, state-of-the-art fitness center, gourmet kitchen and dining space, co-working space, dog park and a refrigerated package room. Construction at the site, which is currently improved with an office building, is slated to begin immediately.
The HFF equity placement team was led by Walter Coker and Brian Crivella.
“This investment is an endorsement of the strength of the Reston market and demonstrates the ability of experienced developers like Rooney to obtain capital for best-in-class projects,” Crivella said.
SAN DIEGO, CA – March 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $92.5 million sale of Fifty Twenty-Five, a 260-unit/942-bed, Class A luxury student housing community serving San Diego State University.
HFF marketed the asset exclusively on behalf of FPA Multifamily, LLC, and procured the buyer, Denver-based Cardinal Group Investments, LLC.
Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet with amenities, including flat-screen televisions, high-speed internet, modern furnishings, full-size washers and dryers, walk-in closets and fully-equipped kitchens. The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage. The property is situated less than one mile from campus at 5025 Collwood Boulevard.
The HFF team included senior managing director Sean Deasy, senior director Hunter Combs and director Scott Clifton.
“The institutional quality of this asset coupled with strong market fundamentals and exceptional enrollment growth at SDSU led to robust activity on Fifty Twenty-Five,” Combs said. “SDSU currently receives more than 98,000 undergraduate and graduate applications per year and represents the third largest university in California, which creates a sustained demand for housing of this caliber. The property’s amenity package is student-tailored and will continue to command top-tier rents in the marketplace.”
NEW YORK, NY – March 7, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured joint venture equity and construction financing for the development of https://168plymouth.com/, a 46-unit boutique condominium conversion located on the southwest corner of Plymouth and Jay Streets in DUMBO, Brooklyn.
HFF worked on behalf of the developer, Alloy Development, to arrange a joint venture with The Davis Companies. Working on behalf of the new partnership, HFF also secured construction financing from Bank OZK.
168 Plymouth will be situated in the heart of DUMBO and down the block from its 85-acre waterfront park. 168 Plymouth will include lofts, townhouses and penthouses. Residences will feature modern industrial design, which will both honor the history of the neighborhood and the building itself. The project connects two of Dumbo’s last remaining classic industrial loft buildings to be developed into a single address. The distinct styles of the two original buildings, one brick-and-timber and the other concrete with daylight factory windows, will be preserved in the design of the residences.
168 Plymouth marks Alloy’s 5th project in Dumbo. The firm’s other award-winning projects in the neighborhood include 192 Water Street, 185 Plymouth Street, Dumbo Townhouses and One John Street.
The HFF debt and equity placement team included managing directors Christopher Peck, David Giancola and Jeff Julien, senior director Peter Rotchford and analyst Kristen Knapp.
“The thoughtful aesthetic and community focus that Alloy brings to development has helped transform DUMBO into the neighborhood it is today,” Peck said. “It was a privilege to work with them to help identify the optimal capitalization as they add to their legacy of transformative projects in the area.”
MIAMI, FL – March 7, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $125.65 million in construction financing for the development of Uptown Boca, a mixed-use lifestyle center with residential and retail space in Boca Raton, Florida.
The HFF team worked on behalf of the development team of Giles Capital Group, Rosemurgy Properties and Schmier Property Group in partnership with Wheelock Street Capital to secure the floating-rate construction loan through Jutland Finance Inc.
Uptown Boca will be situated on a 38-acre site at Glades Road and 95th Avenue South in West Boca Raton. The lifestyle center will encompass 456 Class A luxury apartments and 171,806 square feet of upscale retail space, which will be anchored by Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi, along with a variety of smaller retail and restaurant tenants. The retail component is expected to deliver in summer 2019 with the residential component available in early 2020. The property is the last undeveloped parcel located off Glades Road, which is Boca Raton’s main east/west thoroughfare and retail corridor, and also benefits from its proximity to both the East and Boca Town Center office markets, which together consist of more than 330 buildings and nine million square feet.
HFF’s debt placement team representing the developers included managing directors Elliott Throne and Steven Klein along with associate Jesse Wright.
“The sponsorship team includes an experienced institutional equity partner along with the best local developers, which allows them to understand the specific needs of the West Boca Raton community,” said Throne, who is also a Boca Raton resident. “This project will create the first livable destination lifestyle retail center that will provide a sense of place and will serve West Boca the way Mizner Park serves East Boca.”
NEWPORT BEACH, CA – February 28, 2019 – HFF announces it has secured $22.5 million in financing for the William Penn Apartments, a 189-unit, mid-rise apartment building in Los Angeles, California.
HFF worked exclusively on behalf of the borrower, Massie Capital Management, LLC, to place the five-year, floating-rate loan with a debt fund. Loan proceeds were used to return equity to investors and provide future funding to renovate units.
Originally constructed in 1928, the William Penn Apartments is located at 2208 W. 8th Street, one block south of MacArthur Park in Los Angeles’ Koreatown neighborhood. The property consists of newly remodeled studio floor plans within a seven-story, historic building that offers immediate access to downtown. On-site amenities include a newly renovated courtyard with fountain, fire pits and lounge seating; a 24-hour fitness center; resident storage; bike racks; and courtesy patrol service. The property was 94 percent occupied at closing and is currently undergoing unit renovations.
“Massie Capital focuses on identifying mispriced assets and delivering affordable, well-designed space to its tenants,” said Brian Massie, principal of Massie Capital Management. “The William Penn’s pioneering submarket and business plan required a unique lending partner. HFF was able to clear the market quickly and bring a closely held relationship with a lender who understood our vision for the property and provided local, accessible asset management for draw requests.”
The HFF debt placement team representing the borrower was led by director John Marshall and analyst Devon Dykstra.
“Every year market participants note that the bridge loan market is more competitive than ever and 2019 is no different,” Marshall said. “HFF advised our client to select a lender who could provide certainty of execution and the best terms available in the market.”