SAN FRANCISCO, CA – June 26, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $31.3 million in construction financing for the development of Pivot, a mixed-use residential, office and retail property in Seattle’s Capitol Hill neighborhood.

HFF worked on behalf of the developer, Vibrant Cities, to place the five-year, floating-rate construction loan with H.I.G. Realty Partners. 

The sponsor acquired the development site in August 2016 with a vision to capitalize on the rapidly growing Seattle market and proximity to globally recognized employment hubs.  The project will replace an existing parking lot with a pedestrian-inspired development along the highly coveted Pike/Pine corridor and will feature a mix of 71 apartment units above a sub-grade parking garage. The project will also feature small-scale, street-level retail, contributing to the neighborhood’s pedestrian-friendly character in addition to an 11,000 square foot office concept, which will add daytime use, much desired by the community.

The HFF debt placement team, representing the developer, was led by senior director Brandon Roth and director Zack Goodwin.

“Building on the momentum they created with the record sale of The Cove in Capitol Hill, Vibrant Cities has developed another thoughtfully designed property that will be well-received by the community,” Roth said.

WASHINGTON, D.C. – June 26, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged construction financing and joint venture equity totaling $65.44 million for the development of The Stella, a 282-unit, transit-oriented multi-housing community located within a designated opportunity zone in New Carrollton, Maryland.

HFF worked on behalf of the developer, Urban Atlantic, to secure a $46.56 million construction loan through TD Bank and $18.88 million in joint venture equity from Bridge Investment Group.

The Stella is located at 3950 Garden City Drive at the New Carrollton Metro Station, which is the terminus of the Orange and Purple lines.  Less than five miles outside of Washington, D.C., the opportunity zone project is the second phase of Urban Atlantic’s 34-acre, 2.3 million-square-foot New Carrollton Metro redevelopment and will serve as the first multi-housing asset within the master plan.  The Stella, which sits on a ground lease, will feature a podium-style design with 282 studio through three-bedroom floor plans totaling 218,692 rentable square feet along with 3,500 square feet of ground-floor retail.  Units will offer high-end amenities, including quartz countertops, stainless steel appliances, plank flooring, walk-in closets, nine-foot ceilings and in-unit washers and dryers.  Community amenities will include a swimming pool, common outdoor terraces, club room, game room, fitness center, co-working space, private entertaining room and terrace, coffee bar and dog wash station.  The project is due for completion in the fourth quarter of 2020.

The HFF debt and equity placement team representing the developer included Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker.

“The Stella represents one of the marquee developments in the region,” Leachman said.  “The site is located within an opportunity zone and adjacent to the New Carrollton metro station.  These factors, coupled with the involvement of a premier developer like Urban Atlantic, drew a tremendous amount of interest from institutional groups looking to capitalize on the new tax laws.”

“We are proud to be a part of the Urban Atlantic's commitment to provide new high-end housing for Maryland's citizens,” said John Howell, vice president for TD Bank.  “This project will help address the critical need for transit-oriented housing in close proximity to Washington, D.C.  TD’s investment in making a positive impact is a part of what makes TD Bank different.” 

DENVER, CO – June 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $45.65 million in financing for Talavera Apartments, a 240-unit, mid-rise multi-housing community located in Denver, Colorado. 

HFF worked on behalf of the borrower, Denver-based Griffis Residential, to secure the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corporation. The loan, which was used to fund the acquisition of the property, carries a 3.53% fixed interest rate with full-term interest-only payments.

Talavera Apartments is located at 350 South Jackson Street near Cherry Creek’s numerous high-end retail, dining and entertainment amenities.  Built in 2008, the property features a mix of studio, one-bedroom and two-bedroom units averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers and dryers, stainless steel appliances and Amazon lockers. The property was more than 97% leased at closing.

“HFF has again proven to be a strong partner, working with Griffis Residential to secure financing for a high-quality asset in our latest real estate investment fund,” said Jim DiRienzo, senior vice president of acquisitions at Griffis Residential. “The apartment homes at Talavera, which has been renamed Griffis Cherry Creek, are primed for interior improvements and additional elements of our investment strategy, including enhanced resident experience, ancillary income initiatives, and management and service upgrades.”

The HFF team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.

SAN DIEGO, CA – June 19, 2019 – HFF announces it has arranged financing for the development of Carroll Canyon, a luxury residential and retail mixed-use development in San Diego’s affluent Scripps Ranch community.

HFF worked on behalf of Sudberry Properties to arrange a construction loan through a commercial bank.  Additionally, HFF secured mezzanine financing from a correspondent life company lender.

Carroll Canyon will consist of 260 apartment units and approximately 10,700 square feet of retail space that will be leased to a mix of national and regional retailers.  The property sits at the northeast corner of the intersection of Interstate 15 and Carroll Canyon Road in the heart of Scripps Ranch, a centralized suburban location less than 30 minutes from beaches, North County San Diego and the San Diego International Airport.  The residential component will feature high-end units averaging 908 square feet and common area amenities, including a community lounge, fitness center, spa, in-unit laundry rooms along with a mix of garage, carport and open stalls for parking. The project is due for completion in second quarter 2021.

The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and director Olga Walsh.

NEW YORK, NY – June 19, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has been selected to exclusively market the sale of 25 Monroe Place, a 12-story, 67-unit, luxury apartment building located in the Brooklyn Heights neighborhood of Brooklyn, New York. This offering provides a rare opportunity to acquire a trophy asset in the most sought-after neighborhood in Brooklyn. The vast majority of the property is comprised of fair-market units not subject to rent stabilization.

25 Monroe Place is situated in the Brooklyn Heights historic district, which provides immediate access to Manhattan, the Brooklyn Waterfront, Brooklyn Bridge Park, Downtown Brooklyn and DUMBO. Brooklyn Heights is characterized by charming brownstones and plush tree-lined streets, and the property is surrounded by medium- and low-density buildings that provide water and Manhattan skyline views. Built in 1938, 25 Monroe Place combines pre-war architectural elements and spacious apartment layouts with newly upgraded condo-quality finishes, including custom millwork; kitchens with Caesarstone countertops and marble tile and backsplashes; and bathrooms with custom vanities, stone and tile work, La Cava sinks and Grohe plumbing fixtures. 25 Monroe Place is now positioned as the most luxurious rental asset in Brooklyn’s most coveted neighborhood. Brooklyn Heights has a rich history as the premier residential location in Brooklyn for over 150 years and represents a mature housing market with best-in-class convenience, amenities, culture and streetscape beauty.

The HFF investment advisory team is led by managing directors Jeff Julien and Rob Hinckley and director Steven Rutman.

MORRISTOWN, NJ – June 19, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged the $13.25 million refinancing of SOMA, a 69-unit luxury apartment community in Somerville, New Jersey.

HFF worked exclusively on behalf of the borrower, Sterling Properties Group, LLC, to secure the long-term, fixed-rate financing from New York Life Insurance Company.

SOMA is located at 110 South Bridge Street adjacent to the Somerville Train Station, which provides access to New York’s Penn Station.  Additionally, the LEED Silver property is less than half of a mile from NJ Transit bus service and less than seven miles from major highways, including Interstate 287, Interstate 78, Route 202/206 and Route 22.  Completed in 2019, SOMA’s 69 luxury residences feature a mix of studio, one- and two-bedroom floor plans with stainless steel appliances, European-style cabinetry, quartz countertops, subway tile backsplash, Moen faucets and fixtures and walk-in closets.  Community amenities include a private fitness center, tech lounge, bike share program and proximity to downtown Somerville’s restaurants, retail and entertainment.

The HFF debt placement team representing the borrower was led by senior managing directors Jim Cadranell and Jon Mikula and analyst Andrew Zilenziger.