DALLAS, TX – January 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of five seniors housing properties totaling 325 units across the southeastern United States. 

The HFF team marketed the property on behalf of the seller, Principal Senior Living Group.  A national private equity fund purchased the offering free and clear of existing debt.  The properties will continue to be operated by Principal Senior Living under the Benton House brand.  The portfolio, which consists of properties in Florida, Georgia and South Carolina, has an average completion date of 2015 and a total 225 assisted living and 100 memory care units.

The HFF investment advisory team representing the seller included senior directors Ross Sanders and David Fasano along with senior managing directors Ryan Maconachy and Chad Lavender.

WASHINGTON, D.C. – January 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $10.85 million in acquisition financing for 204 Grand Street, a six-story, 30-unit boutique apartment property in downtown Hoboken, New Jersey.

The HFF team worked exclusively on behalf of the borrower, Spirit Bascom Ventures (“SBV”), to arrange the four-year, floating-rate loan with a one-year extension option through Citizens Bank.  Citizens’ Commercial Real Estate team provides project finance loans across various strategies and is focused on building long-term relationships with strong commercial real estate sponsors.  Citizens provides loans for multi-housing, office, retail, industrial and hospitality properties and lends on acquisition and refinancing opportunities, development, stabilized and value-add strategies, and on a bridge and term basis.  204 Grand Street is SBV’s second acquisition in Hoboken in the last six months, including the closing of 1024 Clinton Street in July 2018.

204 Grand Street is located in the south end of Hoboken near numerous restaurants, bars and shops and less than half of a mile from the Hoboken PATH station, which has earned it a Walk Score® of 98.  Originally constructed in 2000, the property consists of five one-bedroom and 25 two-bedroom units.  Half of the homes have either a balcony or patio and the front facing units on the upper floors provide expansive views of New York City’s skyline.  The property, which was fully occupied at closing, also includes a 24-space parking garage plus two motorcycle parking spaces.

The HFF debt placement team representing the borrower included senior director Jamie Leachman, director Drake Greer and managing director Michael Klein.

“This acquisition fits perfectly within SBV’s urban acquisition strategy of taking highly occupied, well-located properties that offer tenants a high-quality, boutique living experience in submarkets that offer attractive relative affordability,” Leachman said.  “Citizens stood out in a competitive marketing process providing the borrower the necessary structure and flexibility to execute their business plan.”

CHICAGO, IL – January 23, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $72 million in acquisition financing for a four-property, 860-unit/2,282-bed student housing portfolio located in Washington, Texas, Tennessee and Georgia.

The HFF team worked exclusively on behalf of the borrower, a joint venture between Campus Realty Advisors and T2 Capital Management, to place the floating-rate loan with Hunt Mortgage Group.  Loan proceeds were used to fund the acquisition as well as future improvements to the properties.

The assets in the portfolio are: The Verge Ellensburg, a 192-unit/504-bed property located at 2420 Airport Road serving Central Washington University in Ellensburg, Washington; The Verge Nacogdoches, a 260-unit/682-bed property located at 1602 Cardinal Street serving Stephen F. Austin University in Nacogdoches, Texas; The Verge Clarksville, a 208-unit/560-bed property located at 1523 Nolen Road serving Austin Peay State University in Clarksville, Tennessee; and The Grove Statesboro, a 200-unit/536-bed property located at 1150 Brampton Avenue serving Georgia Southern University in Statesboro, Georgia.  The portfolio features luxury finishes, fully furnished units and extensive property amenities, including sand volleyball and basketball courts, resort-style pools, clubhouses and tanning beds.

The HFF debt placement team representing the borrower included managing directors Christopher Carroll and Stephen Skok.

DENVER, CO – January 22, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $47.175 million in financing for the development of Brickhouse at Lamar Station, a 293-unit, Class A apartment property in Lakewood, Colorado.

The HFF team worked exclusively on behalf of Riverpoint Partners and Iron River Management, LLC to secure the 15-year construction-to-permanent loan through a correspondent insurance company lender.  The loan includes three years of interest-only, which is followed by a 35-year amortization schedule.  The financing represents 65 percent of the anticipated total project costs and features the potential for additional loan proceeds upon stabilization.

Brickhouse at Lamar Station will be located on a 3.75-acre site at 6300 W. 13th Avenue within walking distance to the Lamar Station light rail stop.  The property will total four floors above ground and one level of underground parking.  Brickhouse at Lamar Station, which will consist of units averaging 748 square feet, is designed to include unparalleled amenities and finishes compared to existing properties in the area, including stainless steel appliances, granite and quartz countertops, washers and dryers, wood flooring, and balconies or patios.  Common area amenities include a swimming pool, two spacious interior courtyards, fire pits, grilling stations, a large community room, 24-hour fitness center, yoga studio, top-floor club room, business center and pet spa.  Completion is expected in mid-2020.

The HFF debt placement team representing the borrower consisted of managing director Josh Simon and director Kristian Lichtenfels.

FLORHAM PARK, NJ – January 17, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $34.9 million sale of Park Square, a 159-unit, Class A apartment complex with nearly 6,000 square feet of ground-floor retail in downtown Rahway, New Jersey.

The HFF team marketed the property exclusively on behalf of seller, Roseland Residential Trust.  One Wall Partners purchased the property free and clear of existing debt.

Park Square consists of two adjacent four-story buildings completed in 2009 and 2011, which are connected by a shared courtyard.  The property’s one- and two-bedroom units average 1,163 square feet and feature condo-quality finishes such as stainless steel appliances, oversized Shaker-style cabinetry, granite countertops, full-size washers and dryers and nine-foot ceilings.  To compliment the luxury unit finishes, the property offers common area amenities, including two fitness centers, clubroom with billiards table, business lounge and controlled-access covered parking.  Located at 1 and 2 Park Square, the property is four blocks from the Rahway Train Station, which provides access into Manhattan’s Penn Station in about 40 minutes.  Park Square is also convenient to multiple highways connecting resident’s to New Jersey’s largest employment hubs.

The HFF investment advisory team representing the seller included senior managing director Jose Cruz, senior director Michael Oliver, senior managing director Kevin O’Hearn, senior director Stephen Simonelli and associate Mark Mahasky.

“Investors continue to aggressively pursue multi-housing properties within walking distance of mass transit stations as well as retail and restaurants,” Cruz said.  “Multi-housing continues to be one of the most sought-after asset classes in the state.”

NEWPORT BEACH, CA – January 17, 2019 – HFF announces financing totaling $72 million for Continental Gardens, Stuart Drive Apartments and Rose Gardens Apartments, three affordable apartment communities totaling 536 units in Orange County, California.

The HFF team worked exclusively on behalf of the borrower, Bertram Partners, Inc., to secure two 15-year, fixed-rate loans through Freddie Mac.  The loan for Continental Gardens is valued at $41.261 million and the loan for Stuart Drive and Rose Gardens Apartments totaled $30.744 million.  Proceeds from the securitized loans, which will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans, were used to refinance the existing debt on the properties.  Bertram Partners, or a wholly owned affiliate, has owned the properties since they redeveloped them in the mid 1980’s.

Continental Gardens is located at 8101 Cerritos Avenue in the western Orange County community of Stanton.  Originally constructed in 1963, the community’s 297 one-, two- and three-bedroom units are 99 percent occupied.  Stuart Drive Apartments is located at 11632 Stuart Drive in the northern Orange County community of Garden Grove.  Also located in Garden Grove, Rose Gardens Apartments is situated three miles southwest of Stuart Drive Apartments at 9645 Westminster Avenue.  Stuart Drive and Rose Gardens, which were developed in 1960 and 1963, total 239 one- and two-bedroom units.  The communities are operated as one property and are 99 percent occupied overall.

The HFF debt placement team representing the borrower consisted of director Jamie Kline and analyst Nicholas Lench.