NEW YORK, NY, April 2, 2009 – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments, (top right photo) a 236-unit multifamily community in Rancho Cucamonga, California.
Working on behalf of institutional investors advised by J. P. Morgan Asset Management - Global Real Assets, HFF senior managing director Whit Wilcox (top left photo) placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corporation (Freddie Mac).
Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender. HFF has closed more than $100 million in financing through Freddie Mac in 2009.
Fairway Palms Apartments is located at 11201 5th Street, less than one mile from the Interstate 10 and 15 freeways and approximately 40 miles east of downtown Los Angeles in Rancho Cucamonga. Completed in 2002, the 94% leased property has one-, two- and three-bedroom units that average 928 square feet each.
Residents of Fairway Palms have access to a swimming pool, fitness center and clubhouse and may also use the amenities at the adjacent Ironwood Apartments, which is also owned by the borrower.
"Even in the most challenging credit market environment, superior properties will attract capital at favorable levels. Fairway Palms enjoys strong operating performance and best of class sponsorship. Through all of the travails that have plagued global credit markets and derailed economic growth, Freddie Mac has remained an unshakable pillar of capital to the multifamily sector,” said Wilcox.
No comments:
Post a Comment