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.

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.”

MIAMI, FL – April 2, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $19.25 million sale of a four-acre multi-housing development site in Downtown Doral, a 250-acre mixed-use community in Doral, Florida.

HFF represented the seller and master developer of Downtown Doral, Codina Partners, in the sale of the parcel to Greystar.  The HFF investment advisory team representing Codina Partners included executive managing director Manuel de Zárraga, managing director Jaret Turkell, senior director Maurice Habif and director Simon Banke.  HFF has closed several sales within Downtown Doral, including land sites set for an assisted living facility and an active adult residential development.

“Greystar is a world-class institution and we are pleased that they are developing a second project in Downtown Doral, as well as managing our new multi-family tower, 5250 Park,” said Ana-Marie Codina Barlick, CEO of Codina Partners.  “Thank you to HFF for their help with this transaction.”

Downtown Doral is located off of NW 87th Avenue and NW 53rd Street and comprises approximately 70 shops and restaurants; a business district with almost one million square feet of Class A office space; 5,000 luxurious residential units, including 5350 Park condo tower, 5250 Park distinctive apartments, and Canarias single-family and townhomes in The Residences at Downtown Doral; Downtown Doral Charter Elementary School, a top-rated, bilingual charter elementary school; Downtown Doral Charter Upper School, a 6th through 12th grade charter school that is currently under construction; Doral Government Center, a LEED-certified city hall; and public green spaces adorned with world-class art pieces.

Greystar’s planned multi-housing project, designed by MSA Architects, will feature 385 luxury apartments in a six and eight story building.  The amenities will include a rooftop sky lounge amenity deck, club lounge, expansive fitness center, two swimming pools, and multiple courtyards with a park and yoga deck.  The site is positioned on the south side of the Downtown Doral master plan along 41st Street and 87th Avenue.

“We are excited to be part of the Codina vision for this premier mixed-use development project,” said Lewis Stoneburner, managing director of Greystar’s Florida development business.  “We also feel privileged to be doing business with such an incredible group of people at both the Codina organization and HFF.”

About Downtown Doral
Downtown Doral is Miami’s premier town center, a vibrant community of culture and commerce, located at the heart of access to almost everywhere.  Neighborhoods, offices, homes, an award-winning school, restaurants and shops that offer a new quality of life—totally walkable, connected, artfully designed, green and gracious.  The 250-acre mixed-use development features approximately 70 shops and restaurants; a bustling business district with almost one million square feet of Class A office space; 5,000 luxurious residential units, including 5350 Park condo tower and Canarias in The Residences at Downtown Doral; Downtown Doral Charter Elementary School, a top-rated bilingual charter elementary school; Downtown Doral Charter Upper School; Doral Government Center, a LEED-certified city hall; and public green spaces adorned with world-class art pieces.  Learn more at www.downtowndoral.com or follow @DowntownDoral on Facebook and Twitter and @DowntownDoralLife on Instagram.

MIAMI, FL – March 28, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces today it has advised on the formation of a programmatic joint venture between Baptist Health South Florida, the largest not-for-profit healthcare organization in the region, and Belmont Village Senior Living, a nationally recognized luxury senior housing provider, to develop, own and operate senior housing communities in South Florida. HFF also advised the new partners on their first development site acquisition.

The venture is launching with the creation of a community close to the Shops at Merrick Park in downtown Coral Gables.  The project will be located at 250 Bird Road, a 2.83-acre city block, which was acquired by Baptist Health South Florida.  The community, which will be named Belmont Village Coral Gables, will offer independent living, assisted living and memory care units.  Construction is projected to start in mid-2020 and will be complete within two years of commencement.  Belmont Village will manage development and operation of the community.  

The area initially targeted by the partnership will include Miami-Dade, Broward, Palm Beach and Monroe counties.

The HFF team advising Baptist Health South Florida included executive managing director Manuel de Zárraga, senior director Maurice Habif and associate Ted Taylor.

AUSTIN, TX – March 28, 2019 – HFF announced it has closed the sale of Villas on 26th, a luxury student housing property serving The University of Texas at Austin (UT Austin).

HFF worked on behalf of the seller, Zucker Properties.  Arrimus Capital purchased the property free and clear of existing debt.

Villas on 26th is located at 800 W. 26th Street less than half of a mile from campus.  Completed in 2014, the property is located at the epicenter of UT Austin’s West Campus student housing market, which positions it within walking distance to more than 50 retail, dining and entertainment destinations.  The property consists of 182 beds across 49 units averaging 1,591 square feet, 97 percent of which are larger three- to six-bedroom floor plans.  Units are equipped with state-of-the-art technology such as Savant smart home automation systems, 60-inch high definition TVs, Apple TVs, Polk surround sound speakers and in-wall iPad touch screens.  The property’s larger units also include private in-home movie theaters with 110-inch projection screens.  To complement the property’s cutting-edge technology, units feature condo-quality finishes, including custom stone countertops, stainless steel appliances. designer lighting, hardwood-style flooring, walk-in closets and in-unit washers and dryers.  Common area amenities include a swimming pool-sized hot tub on the mezzanine level, multiple outdoor patios with TV’s, 24-hour fitness center, multi-level underground parking and scenic UT Tower views.  Villas on 26th has remained 100 percent occupied since opening and is 90 percent pre-leased for the 2019/2020 academic year.

The HFF investment advisory team was led by director Ryan McBride and senior managing director Doug Opalka.

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.