MIAMI, FL – The Miami and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) announced that they have placed an $18.5 million loan with Freddie Mac for Mallory Square Apartments,(top right photo) a 383-unit multifamily community in Tampa, Florida.
HFF director Elliott Throne and senior managing director Fred Wittmann exclusively represented the borrower, the investment management subsidiary of Connecticut General Life Insurance Company.
HFF placed the seven-year, adjustable-rate loan with the lender, which will also be serviced by HFF. Loan proceeds are refinancing a construction loan.
“Freddie Mac ultimately provided the maximum loan available in the market for a non-recourse financing. The day one interest rate was in the low four percent range with a built-in cap that is not significantly higher than where fixed-rate loans are priced today,” said Throne.
“The lender was attracted to the deal due to the quality of the asset and the strength of the sponsorship.”
Completed in 2006, Mallory Square Apartments is located at 11306 Mallory Square Drive approximately 10 miles from both Tampa’s central business district and Crystal and Clearwater Beaches.
Contacts:
ELLIOTT P. THRONE, HFF Director, (305) 421-6549, ethrone@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing (713) 852-3500 krmurphy@hfflp.com
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